UPDATE 1-TeleNav Q1 tops Street; sees Q2 above market view
* Q1 adj EPS $0.29 vs est $0.22
* Q1 rev $51.1 mln vs est $48.7 mln
* Sees Q2 adj EPS $0.15-$0.17 vs est $0.13
* Sees Q2 rev $45-$47 mln vs est $42.7 mln
* Shares rise 16 pct in extended trade
Oct 28 (Reuters) - Navigation-technology provider TeleNav Inc (TNAV.O) posted better-than-expected quarterly results on an increase in number of paying users, and forecast a strong second quarter, sending its shares up 16 percent in after-market trade.
The company, which provides voice guided navigation and local search on mobile phones and autos, said its average monthly paying end users rose 65 percent to 17.7 million in the first quarter.
The company expects second-quarter earnings of 15-17 cents a share, excluding items, above market estimates of 13 cents a share, according to Thomson Reuters I/B/E/S.
TeleNav, which counts Sprint Nextel (S.N) and AT&T (T.N) as its customers, expects revenue of $45-$47 million, ahead of analysts' view of $42.7 million.
For the first quarter, the company reported net income of $12.4 million, or 27 cents a share, compared with $4.4 million, or 15 cents a share, a year ago.
Excluding items, the company earned 29 cents a share.
The company, which went public in May, reported a 42 percent rise in revenue to $51.1 million.
Analysts were expecting earnings of 22 cents a share on revenue of $48.7 million, according to Thomson Reuters I/B/E/S.
Shares of Sunnyvale, California-based TeleNav, which have shed 45 percent of their value since the company reported fourth-quarter results, were up 16 percent at $5.69 in extended trading. They closed at $4.90 Thursday on Nasdaq. (Reporting by Swati Chitnis in Bangalore; Editing by Maju Samuel)
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