TomTom Reports Euro 33m Loss for Q1 2009
Date: Thursday, April 23 @ 09:23:50 UTC
TomToms First Quarter results for 2009 were published yesterday and they make grim reading for the troubled Dutch company.
Total revenue was Euro 213m, down 31% on the Euro 317m revenue in the same period on 2008 and Euro 528m for the last quarter of 2008.
This is the first time TomTom have reported a loss and comes despite TomTom having reduced operating expenses by 30%. With debt increased to Euro 1,159m (up 50m since Q4 2008) TomTom still has a long way to go before it can attain the healthy balance sheets it used to enjoy.
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