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Wednesday, October 28. 2009

TomTom Shares Drop on Price Drop/Income Drop in Q3

Geospatial Business

I'll let the Wall Street Journal put it succinctly:

Shares in Dutch navigation equipment maker TomTom NV (TOM2.AE) Wednesday dropped as much as 13.5% after the company posted a 47% drop in third quarter net profit due to a steeper-than-expected price decline for its key navigation products.


Average selling prices for PNDs dropped by 27% compared to last year and 12% compared to the second quarter. The total number of devices sold was actually up 2%. Execs explained the price drop as anticipating promotions for later in the year (holidays).

Still the company is ahead of schedule in cutting costs EUR90 over last year.

- Q3 Results

Posted by Adena Schutzberg in Geospatial Business at 07:20 | Comments (0) | Trackbacks (0) | Bookmark and Share

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