TomTom lowers 2008 turnover forecast

Tuesday 20 January 2009

Car navigation system maker TomTom on Tuesday issued a new warning that its 2008 sales will be lower than expected, coming in at between €1.66bn and €1.68bn.

The company initially expected turnover to be between €1.75bn and €1.85bn for the full year but warned in October that this figure would not be met.

Despite the lower turnover forecast, TomTom said its market share in the fourth quarter remained ‘strong’. ‘Our fourth quarter market shares in both [the European and North American] markets continued to be strong at 46% and 24%, respectively,’ the company said in a statement.

The company also announced that it will book a write-off for its takeover of the digital map maker Tele Atlas in June last year but declined to give figures. More details are expected on February 24 when the company releases its fourth quarter results.

© DutchNews.nl

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