Tuesday, April 8. 2008

TomTom Drops Expectations; Stock Drops

TomTom said its first quarter revenue will be around 260-270 million euros far below last year's 296 million euros.

With formal reporting expected April 23, operating margins will be single digits vs. recent double digit quarters. European trading saw shares tumble 13.8 percent to 22.78 euros ($35.78) in Amsterdam.

The impact on the TA acquisition?

TomTom's share price has halved since November, and after Tuesday its market capitalization is slightly less than the price it is paying for Tele Atlas.

TomTom's Chief Financial Officer Marina Wyatt said she was "comfortable" that TomTom will be able to meet creditor's demands in financing the Tele Atlas buy.

Posted by Adena Schutzberg in LBS, Satellite Navigation, Geospatial Business at 12:29 | Comments (0) | Trackbacks (0) |

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