TomTom Lowers Debt, Raises Stock Price, Lowers Expectations
Among the announcements today:
TomTom reduced net debt by 16 percent in the past quarter. (That drove stock up 8% in Amsterdam.)
The company dropped revenue expectations for 2008 to 1.66 billion euros ($2.16 billion) to 1.68 billion euros, from as much as 1.85 billion euros.
Total sales last year were about 34 million, lower than the expected 36 million.
TomTom will take a charge on the acquisition of Tele Atlas. No word on how much, but it won’t impact loan agreements.
by Adena Schutzberg on 01/20 at 05:52 AM |
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