January 27, 2021

UPDATE 1-TomTom reports drop in earnings, automotive gains

(Recasts with forecasts, adds details)

Oct 14 (Reuters) – Dutch mapping and navigation company TomTom on Wednesday forecast a 25% drop in full-year sales, as it reported a better-than-feared fall in third-quarter earnings, although its automotive division surpassed expectations.

The Amsterdam-based company, whose customers range from major carmakers to leading global tech firms, said it now expects reported revenue of 530 million euros ($622.33 million) for the full-year, slightly below consensus estimates of 536 million.

The group said it saw growth in its automotive business, which provides maps and navigation software to carmakers.

“For Q4, we expect that automotive operational revenue continues to show strong sequential growth,” said finance chief Taco Titulaer, citing improved car production as the division beat expectations, growing sales 19% year-on-year.

European new car sales gradually picked up over the summer, after lockdowns shuttered showrooms and brought traffic to a halt. Industry data showed new registrations

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