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-- Quarterly revenue increased 42 percent year over year to $51.1 million
-- Net income increased 52 percent year over year to $12.4 million-- Average monthly paid subscribers for the first quarter reached 17.7 million, up from 16.1 million in the prior quarter
SUNNYVALE, Calif., Oct. 28, 2010 (GLOBE NEWSWIRE) -- TeleNav, Inc. (Nasdaq:TNAV), a leading provider of location-based services, or LBS, including voice guided navigation and local search on mobile phones, autos and enterprise LBS, today announced its financial results for the first quarter of fiscal 2011 ended September 30, 2010.
Revenue for the first quarter of fiscal 2011 grew 42 percent over the prior year to $51.1 million.
Net income for the first quarter of fiscal 2011 grew 52 percent over the prior year to $12.4 million.
Cash generated from operations for the first quarter of fiscal 2011 was $20.2 million.
Average monthly revenue per end user (ARPU) for the first quarter of fiscal 2011 decreased 14 percent over the first quarter of fiscal 2010 to $0.94.
Average monthly paying end users for the first quarter of fiscal 2011 increased 65 percent year over year to 17.7 million.
"We continued to achieve record number of average monthly paying end users, which grew over 1.6 million quarterly to 17.7 million in the September quarter," said HP Jin, president, CEO and co-founder of TeleNav. "We are also leveraging our core business to grow revenue from premium navigation, automotive, enterprise LBS, and mobile advertising and commerce opportunities, which comprised more than five percent of our total revenue in the September quarter."
Revenue for the first quarter of fiscal 2011 was $51.1 million, compared to revenue of $49.5 million for the fourth quarter of fiscal 2010 and $36.0 million for the first quarter of fiscal 2010. Revenue for the first quarter of fiscal 2011 reflects the one month impact from the amended Sprint agreement.