AMSTERDAM, July 25 TomTom, Europe's
largest maker of navigation devices, reported
higher-than-expected second-quarter results on Thursday as sales
of personal navigation devices stabilised, and stuck to its
TomTom, among the three biggest digital map-makers in the
world, reported a quarterly net profit of 8 million euros ($11
million), down 14 percent from a year ago, and revenue of 250
million euros, down 4 percent.
Analysts in a poll commissioned by Reuters had expected a
second-quarter net profit of 1.7 million euros on revenue of 230
TomTom stuck to its full-year forecast for adjusted earnings
per share of about 0.20 euros, down 50 percent from the 2012 EPS
of 0.40 euros, and revenue in the range of 900 million euros to
950 million euros, down from 1.06 billion euros in 2012.
"Overall our financial performance for the second quarter
was better than expected because of solid results in the
consumer division. Automotive continued to be affected by weak
European markets," Chief Executive Harold Goddijn said.
TomTom has said it sees no sign of a recovery in car sales
to which its own fortunes are tied.
TomTom's fortunes are closely linked to those of customers
such as PSA Peugeot Citroen, Renault, and
Fiat, which have been hit by weak consumer demand.