Navigation solution provider NavInfo to make a turnaround in Q3 results
Navigation solution provider NavInfo to make a turnaround in Q3 results
China’s smart mobility solution provider NavInfo is projected to grasp an increase in revenue of the first three quarters this year, with the third quarter’s performance being extra prominent, the company forecasted.
According to the forecast, NavInfo would see a rise of 17.68%-25.53% year on year in revenue, to RMB1.8 billion-RMB1.92 billion ($278.87 million-$297.46 million) from January to September.
In the third quarter alone, the company should realize revenue of RMB600 million-RMB722 million ($92.96 million-$111.86 million), increasing 6.06%-27.19% from a year ago. Net profit attributable to shareholders would amount to RMB6.68 million-RMB21.37 million ($1.03 million-$3.31 million), more than doubled (by 121.28%-168.08%) year on year. Notably, the company’s 2020 Q1-Q3 performance remained flat with the corresponding period of 2019.
NavInfo stated, the growth of its location big data business and accelerated commercialization of its ADAS, autonomous driving, and V2X (vehicle to everything) business should help boost the company’s sales revenue in a considerable sum during the reporting period. With the auto market recovering, the company’s mainstay navigation business would also see an increase. Moreover, NavInfo has shipped more auto-grade chips in the first nine months of this year than a year ago.
In September, NavInfo announced a partnership with connected vehicle parking solutions provider, Parkopedia through NavInfo’s subsidiary CenNavi, to provide digitalized off-street parking information for automakers in China. By virtue of both parties, they hope to relieve a considerable portion of the existing parking tension among drivers in the country.
