TomTom: fourth-quarter results unsurprising
(CercleFinance.com) - Dutch navigation systems company TomTom posted fourth-quarter earnings that brought no major surprises.
The Amsterdam-based group reported a net loss of 69 million euros for the past quarter, compared to a small net profit of 1.4 million euros for the fourth quarter of 2018.
In its statement, TomTom said that it recently finalised the sale of its telematics unit to become a more focused location technology expert.
Revenue fell by 10% to 156 million euros in the past quarter.
"Fourth-quarter results were lower than consensus on bottom line but in line on revenues," UBS said in a research note.
"Full-year guidance is in line with consensus," the broker pointed out.
For 2020, TomTom said it expects its core location technology business to continue to grow.
The share was down 1.5% on Euronext Amsterdam after these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Amsterdam-based group reported a net loss of 69 million euros for the past quarter, compared to a small net profit of 1.4 million euros for the fourth quarter of 2018.
In its statement, TomTom said that it recently finalised the sale of its telematics unit to become a more focused location technology expert.
Revenue fell by 10% to 156 million euros in the past quarter.
"Fourth-quarter results were lower than consensus on bottom line but in line on revenues," UBS said in a research note.
"Full-year guidance is in line with consensus," the broker pointed out.
For 2020, TomTom said it expects its core location technology business to continue to grow.
The share was down 1.5% on Euronext Amsterdam after these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.