TomTom: expects lower profit in 2019, shares fall
(CercleFinance.com) - Dutch navigation device maker TomTom expects a lower profit in 2019 than last year, it said on Wednesday, an announcement that has sent its shares down on Euronext Amsterdam this Wednesday.
TomTom - which makes mapping software and equipment for cars - said it expects earnings per share of 0.15 euro this year, compared with 0.32 euro in 2018.
In the fourth quarter, revenue was flat, at 218 million euros, while profit from continuing operations fell to 174 million euros, from 176 million euros one year earlier.
TomTom - which has recently sold its telematics business to Bridgestone for 910 million euros - also said it expects revenue to fall in 2019, while it plans to accelerate operational and capital expenditure to improve its competitive position.
At midday on Wednesday, TomTom shares were down 5.6% at 7.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
TomTom - which makes mapping software and equipment for cars - said it expects earnings per share of 0.15 euro this year, compared with 0.32 euro in 2018.
In the fourth quarter, revenue was flat, at 218 million euros, while profit from continuing operations fell to 174 million euros, from 176 million euros one year earlier.
TomTom - which has recently sold its telematics business to Bridgestone for 910 million euros - also said it expects revenue to fall in 2019, while it plans to accelerate operational and capital expenditure to improve its competitive position.
At midday on Wednesday, TomTom shares were down 5.6% at 7.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.