Personal navigation juggernaut TomTom said revenue for the third quarter reached €375 million ($484 mm), up 3% from the prior year and up 4% from the second quarter. The Dutch maker of GPS gear said its market share expanded significantly in both in Europe and the United States, although profits fell by more than a third due largely to the strengthening of the U.S. dollar.
“Our Consumer business unit performed well in a soft market through strengthened market share, slowing price declines and an increased contribution from service and subscription sales,” said TomTom’s CEO Harold Goddijn.
The company said its gross margin shrank 400 basis points to 48% of sales from the comp quarter a year ago. EBITDA margins also shrank by 400 points to 22% from the year-ago quarter.
TomTom said it remains on track to meet its intended guidance for the full year. The forecast calls for flat sales into the consumer market, which includes personal GPS devices used for fitness and outdoor.
The revenue of the consumer business unit over the past quarter amounted to €293 million.
