TomTom Needs To Diversify Faster
Date: Friday, September 30 @ 16:38:18 UTC
Topic:
TomTom Chief Executive, Harold Goddijn has admitted that TomTom's diversification strategy isn't happening as fast as desired.
In an interview with CNBC today he said, ""We need to get through the transition. It's not going fast enough, but in the meantime the underlying fundamentals are OK."
TomTom has been working hard to increase its presence in the automotive and service sectors and has made inroads into the car market signing partnerships with Renault and Fiat but the markets need to see more progress into new markets if TomTom's share price is to recover.
PND sales are at an all time low with consumers opting for cheaper smartphone based solutions. Corinne Vigreux, TomTom MD, said that the decline was expected to stabilise soon.
TomTom has seen its share price fall from a high of €70 per share in 2007 and is now hovering at around €3 following market concern over the balance sheet following the Tele Atlas purchase.
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