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Navteq Off Track

The map company misses first-quarter earnings targets.
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missed first-quarter earnings targets Wednesday despite a 17% jump in revenue.

The Chicago-based map data company made $16.2 million, or 17 cents a share, for the quarter ended April 2, down from the year-ago $16.8 million, or 18 cents a share. Revenue rose to $122.3 million from $104.7 million a year earlier.

Analysts surveyed by Thomson Financial were looking for a 21-cent-a-share profit on sales of $122 million.

"We were pleased with our first quarter results, which were in line with our expectations. Consumer demand for GPS technologies is growing rapidly around the world and we are optimistic about our prospects," said CEO Judson Green. "We began the year by focusing our investment on the quality of our map data, the scope of our global coverage and the portfolio of unique content we offer to our customers."

Late Wednesday, Navteq shares fell 74 cents to $52.36.