TomTom beats forecasts in second quarter

Satellite navigation system maker TomTom said on Wednesday it had booked net profit of €20m in the second quarter of 2009, 61% down on last year but still ahead of analysts’ forecasts.

Analysts had on average expected net profit of €13 million euros. Turnover reached €368m, up 73% on the previous quarter but still down 24% on the second quarter of last year.
‘Market conditions continue to be challenging but so far this year end user demand has been in line with our expectations,’ CEO Harold Goddijn said in a statement.
TomTom said it had increased its savings target for 2009 from €60m to €90m.
The company did not provide an outlook for the full year.

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