Chicago-based Navteq Corp., (www.navteq.com) a provider of digital map data for vehicle navigation and location-based solutions, reported record second quarter revenue and operating income for the quarter ending July 1, 2007. According to the company, revenue in the quarter rose 49% over the second quarter of 2006 to $202.3 million. Operating income was $54.0 million, compared to $33.1 million in last year's second quarter.
"Our exceptional second quarter results and strong first half performance give us great momentum as we enter the second half of the year," said Judson Green, president & CEO. "We are particularly excited by the surging growth we have seen in maps for portable devices and the relative stability of our automotive business despite unfavorable car sales trends in our core geographies.
"First half expenses were lighter than we originally anticipated due to adjustments we made to our database investment plan and lower than expected costs in our distribution business," Green continued. "We expect the second half of the year will be an important investment period for the company as we work toward completion of the projects and initiatives in our annual operating plan."
