Tomtom Reports Mixed Third Quarter 2010 Results
Date: Thursday, October 21 @ 14:06:12 UTC
Topic:
 Against a background of a dire economic climate and pressure from the ever growing exodus to free and low cost navigation apps on mobile phones, TomTom has posted its 3rd Quarter results.
Operating profit for Q3 was €55 million, but, compared to a year earlier, net profit dropped to €19.3 million from €30.5 million. Overall, they regard their results to be on track and still expect to report broadly flat revenue and earnings in 2010.
TomTom's personal navigation device (PND) market share in Europe grew from 45% to 48% compared to the same period last year. They have also reported a third quarter growth in group revenue of 3% to €375 million from €365 million year on year. They also managed to redeem €125 million of debt ahead of schedule.
Their automotive solutions revenue, where they work directly with the auto industry, grew by 48% and their Business Solutions revenue grew by 37%.
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