Europe weighs on TomTom in Q2

July 25th, 2013 in Technology / Business

(AP)—TomTom NV, Europe's largest maker of navigation devices, says its second-quarter net profit fell 14 percent to €8 million ($10.6 million) from the same period a year ago, as sales to car makers were hit by the ongoing financial crisis.

The company said Thursday that sales for the quarter dropped 4 percent to €250 million ($331 million), including a 13 percent fall at the automotive division that makes built into new cars.

Revenue at the company's consumer division fell 4 percent.

CEO Harold Goddijn says the company's performance "was better than expected because of solid results in the consumer division."

The company also announced an expanded contract to add real-time traffic information to BlackBerry 10 smartphones.

TomTom maintained its full-year outlook of €900-950 million in sales.

© 2013 The Associated Press. All rights reserved.

"Europe weighs on TomTom in Q2." July 25th, 2013. http://phys.org/news/2013-07-europe-tomtom-q2.html