TomTom increases earnings forecast

Car navigation systems maker TomTom has increased its turnover forecast for the current year marginally – from between €1.6bn and €1.8bn to between €1.7bn to €1.8bn.

On Wednesday the company said net profit in the third quarter was up to €99m, compared to €68m in the second quarter, and higher than the €87m expected by most analysts. Turnover saw a 12% growth at €427m.
The market for navigational systems is continuing to rise, especially in the US, said TomTom.
The company has made a bid of €21.25 per share for the digital map maker Tel Atlas but analysts expect Tom Tom to up its offer as the share price of thTele Atlas has risen. The bid expires on December 4.

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