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UPDATE 1-TeleNav Q2 profit trumps Street, share jump
January 27, 2011 / 10:11 PM / 7 years ago

UPDATE 1-TeleNav Q2 profit trumps Street, share jump

* Q2 adj EPS $0.24 vs est $0.17

* Q2 rev up 19 pct to $48 mln vs est $46.2 mln

* Q2 avg monthly paying users 19.6 mln

* Ups 2011 view

* Shares up 11 pct in trading after the bell

Jan 27 (Reuters) - Navigation-technology provider TeleNav Inc (TNAV.O) posted market topping quarterly results on a 54 percent rise in paying users and said it extended its license and services agreement with AT&T (T.N) by two years.

Shares of the company, which provides voice guided navigation and local search on mobile phones and autos, jumped 14 percent to $8.40 in extended trade.

TeleNav raised its full-year revenue outlook range by $8 million to $195-$200 million. The company now expects adjusted profit of 84-88 cents a share, up from its previous view of 70-78 cents a share.

Net income applicable to common shareholders jumped 83 percent to about $10 million, or 22 cents a share.

Shares of the Sunnyvale, California-based company, which have gained 50 percent in value since the company reported first-quarter results in October, closed at $7.37 on Thursday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore;Editing by Prem Udayabhanu)

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