TomTom Reports Higher Second Quarter Profit
Date: Friday, July 23 @ 12:04:37 UTC
Topic:
 TomTom has posted a rise in its second-quarter net profit. Its profit for the last quarter rose 69% to EUR34 million from EUR20 million a year earlier.
The rise was attributed to cost cutting and lower financing costs. However, they did experience a 2% drop in group sales from EUR368 million a year ago to EUR362 million due to falling prices for its personal navigation devices (PNDs).
TomTom has also increased its market share in Europe from 44% to 49% and the US from 19% to 23%. However, this increase is within a PND market that is shrinking overall. The fierce competition from free satnav on smartphones will inevitably dilute this part of TomTom's market even further.
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