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Device maker TomTom posts losses in Q1 of US$307 million

Thursday, April 26, 2012
AP


AMSTERDAM -- TomTom NV, Europe's largest maker of navigation devices, has reported a small loss in the first quarter as its main market, personal navigation devices, continued to shrink. Sales fell 11 percent to 233 million euros (US$307 million), and net loss was 2 million euros, versus an 11-million-euro profit in the same period a year ago.

The market for personal navigation devices was hammered by the rise of smart phones offering more basic versions of the same product for cheaper, or for free.

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