By Reuters | Updated: 13 October 2023
Oct 13 (Reuters) – Digital mapping specialist TomTom (TOM2.AS) on Friday reported a smaller than expected operating loss for the third quarter, driven by strong sales of its automotive branch that grew faster than car production in its key markets.
The Dutch group, which counts Volkswagen (VOWG_p.DE) and Stellantis (STLAM.MI) among its customers, competes with Google Maps (GOOGL.O) and the world’s biggest mapping platform HERE, owned by German automakers and U.S. chipmaker Intel (INTC.O).
Oct 13 (Reuters) – Digital mapping specialist TomTom (TOM2.AS) on Friday reported a smaller than expected operating loss for the third quarter, driven by strong sales of its automotive branch that grew faster than car production in its key markets.
The Dutch group, which counts Volkswagen (VOWG_p.DE) and Stellantis (STLAM.MI) among its customers, competes with Google Maps (GOOGL.O) and the world’s biggest mapping platform HERE, owned by German automakers and U.S. chipmaker Intel (INTC.O).
The automotive unit’s sales rose 32% to 82.5 million euros, making up around 57% of the group total. In 2022, it generated 46% of TomTom’s revenue.
The enterprise branch saw sales fall 20% to 36.8 million euros, reflecting lower values of some renewed contracts, while consumer service revenue decreased 11% to 24.9 million.
The Amsterdam-listed company confirmed its 2023 guidance for a revenue of between 570 million and 600 million euros.
($1 = 0.9481 euros)
© Thomson Reuters 2023
