TomTom: shares jump as third-quarter sales rebound

(CercleFinance.com) - Dutch navigation company TomTom said on Wednesday its sales had rebounded in recent weeks, as improvement in car production translated into 20% quarter-to-quarter revenue growth.


The maker of personal navigation systems said group revenue increased to 148 million euros in the third quarter, from 124 million euros in the second quarter.

"Market conditions continue to improve," the company said, noting that deal activity has been "strong" despite COVID-19.

Its net loss, however, widened to 67 million euros in the third quarter, from -62 million euros in the previous quarter.

Although there have been notable sales improvements in recent months, TomTom also said that the economic circumstances remain "too uncertain" to resume share buybacks at the moment.

The stock jumped by over 6% on Euronext Amsterdam after this report.

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