TomTom reported sales slid 25 percent in the second quarter in the company’s consumer segment, which includes PNDs, navigation apps and sports watches.
Consumer sales of €94.9 million were down from €124.6 million a year ago. Telematics sales grew 7 percent to €43.9 million from €41 million and automotive & enterprise sales increased 6 percent to €92.6 million from €87.5 million.
Companywide, sales slid 9 percent to €231.4 million from €253 million.
Net earnings reached €19.8 million, or €9 cents a share, up from a loss of €156.4 million, or a loss of €67 cents, a year ago. On an adjusted basis, earnings were €11.7 million, or €5 cents a share, up from €7 million, or €3 cents, a year ago.
EBITDA was €63.4 million, up 26 percent from €50.4 million in the same period a year ago.
TomTom’s chief executive officer, Harold Goddijn, stated, “Our positive start to 2018 carried through in the second quarter of the year. Automotive continued to grow strongly and our gross margin further strengthened, resulting in year-on-year gross profit growth. Our map production system has been reinforced through automated multi-source map fusion and machine learning, allowing for faster cycle times and lower operational costs. We are also happy to announce that Microsoft’s Azure Maps, powered by TomTom, are now offered for general availability.”
The full report is here.
