NAVTEQ (NYSE: NVT), the digital map provider being acquired by Nokia, announced Q4 financial results today, saying that both revenues and profits grew significantly for the quarter and full year. Q4 revenues jumped 53 percent to $276.4 million compared to Q406. Profits grew 44 percent for a total of $61.9 million, or 61 cents a share, to easily beat First Call analyst estimates of 48 cents a share. For the full year, revenues rose 47 percent to $853.4 million; profits grew 57 percent to $173.0 million, or $1.73 a share. The market reacted positively in after-hours trading, leading the stock to increase 65 cents to $74.40 a share.
NAVTEQ also provided an update of its pending merger with Nokia (NYSE: NOK). The merger was cleared in December by the Committee on Foreign Investments in the U.S, but the completion of the merger is still subject to the receipt of European regulatory approval. Nokia is expected to file with the European Commission in the next two weeks.
No conference call with Nokia pending, just a power-point presentation: In it, NAVTEQ said the smartphone business was relatively small but showed rapid growth compared to the year-ago period. When broken down by line of business, Internet and wireless revenues made up only 5 percent of the business. Other units include: enterprise (3 percent); advertising (6 percent); portable devices (36 percent); in-dash (48 percent) and other (2 percent). Earnings release
Earlier today, NAVTEQ announced it was taking a stake in Acuity Mobile.
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