TomTom lowers sales forecast
Tuesday 30 October 2012
Satellite navigation system-maker TomTom on Tuesday said it now expects annual turnover to fall to €1.05bn, against an earlier prognosis of €1.10bn.
In a statement, CEO Harold Goddijn said he expects turnover to remain under pressure because of the weak European car market.
Goddijn did say the market for navigation systems is becoming easier to forecast and the prices are stabilising.
TomTom's turnover in the third quarter was €274m, a fall of nearly one-fifth compared with the year-earlier period. Net profit dropped 23% to €22m.