TomTom Reports Mixed 4Q Results; Firm Sees Much Higher Gross Margin in 2018; Shares Now Undervalued
TomTom beat slightly on the top line and missed a bit on the bottom line as the firm reported fourth-quarter 2017 results. As expected, continuing weakness in TomTom’s consumer offerings more than offset strong year-over-year growth in the firm’s automotive segment. While management’s revenue guidance for 2018 was disappointing, the firm does expect significant improvement in gross margin as it continues to move toward becoming more of a software provider. We lowered our revenue projection but a...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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