TomTom Q4 earnings fall, 2011 results ‘will be flat’

Satellite navigation system maker TomTom expects flat sales and earnings per share in 2011 compared with 2010, the company said on Friday.

Both revenues and earnings fell in the final quarter of last year, with net profit down 30%. TomTom shares were down 8% in early trading on the news.
Over 2010 as a whole, sales were up 3% to €1.5bn and net profit rose 24% to €108m.
‘The size of the PND market declined compared to the previous year, though by increasing our market share and because of a more limited decline in selling prices, our consumer business proved to be a resilient revenue base for the company,’ CEO Harold Goddijn said in a statement.

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