TomTom’s Strong 3Q Results Overshadowed by Fear of Google and Loss of Volvo Account; Maintaining FVE
TomTom’s third-quarter results beat on the top and bottom lines. During the quarter, the automotive, enterprise, and telematics segments posted year-over-year revenue growth. In addition, though the consumer segment continued to decline, TomTom generated operating income for the third consecutive quarter. However, the bad news outweighed the good: While TomTom beat expectations and had announced BMW and Peugeot account wins in early October, the firm said on the earnings call that its contract w...TomTom develops and sells of navigation and location-based solutions, which include among others, Portable Navigation Devices, sport watches, maps, traffic, navigation software and fleet management services. As of Dec 31 2014, Co. had four segments: Consumer business, which is focused on creating location-based products; Automotive business, which provides modular components, being maps, traffic and navigation software, to car manufacturers and head unit vendors; Licensing business, which sells TomTom map, traffic and navigation software as well as cloud-based products and platforms; and Telematics business, which provides fleet management solutions for commercial fleets of any size.
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