TomTom: gross margin rises in the first quarter
(CercleFinance.com) - Dutch digital map company TomTom on Tuesday reported higher first-quarter margins and profit, despite a drop in revenue.
TomTom reported quarterly EBITDA of 44 million euros for the three first months of the year, compared to 34 million euros a year earlier, with a gross margin of 70%, up from 63% in the first quarter of 2017.
"TomTom started the year with a solid set of results," commented chief executive officer Harold Goddijn.
"Nearly 70% of our revenues are now derived from data, software & services, boosting our gross margin," he said.
Despite this, the group's revenue slipped to 192 million euros, down from 213 million euros a year ago.
For 2018, TomTom still forecasts revenue of around 800 million euros, with adjusted earnings per share of around 0.25 euro this year.
The shares are currently up 2.5% at 8 euros on Euronext Amsterdam after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
TomTom reported quarterly EBITDA of 44 million euros for the three first months of the year, compared to 34 million euros a year earlier, with a gross margin of 70%, up from 63% in the first quarter of 2017.
"TomTom started the year with a solid set of results," commented chief executive officer Harold Goddijn.
"Nearly 70% of our revenues are now derived from data, software & services, boosting our gross margin," he said.
Despite this, the group's revenue slipped to 192 million euros, down from 213 million euros a year ago.
For 2018, TomTom still forecasts revenue of around 800 million euros, with adjusted earnings per share of around 0.25 euro this year.
The shares are currently up 2.5% at 8 euros on Euronext Amsterdam after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.