TomTom Shares Drop on Revenue Miss
TomTom shares declined after the Dutch location data company reported lower than expected quarterly revenue. The firm announced job cuts and raised its profitability forecast.
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TOMTOM NV shares fell 5% on Thursday morning after third-quarter revenue missed consensus forecasts, overshadowing a raised profitability outlook and a restructuring plan. The Netherlands-based location data provider posted revenue of €128.9 million ($144.6 million), trailing the €131 million analyst consensus.
The figures highlighted persistent weakness in automotive and enterprise segments, ING analyst Marc Hesselink said.