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Navigation firm TomTom posts operating loss as auto sales slow, ET Telecom

TomTom s automotive business, which generates around 60% of its total sales, reported a 6% drop in quarterly operational revenue.

Navigation firm TomTom sees broadly flat 2024 sales on subdued auto sector

However, its shares rose 7% in early Friday trade after its fourth-quarter operating loss widened less than expected. TomTom, whose customers include Volkswagen and Hyundai, had been benefiting from a backlog in auto orders after extended supply disruptions, but that could be changing as inflation-weary consumers delay purchases of new cars. "I think we need to be a little bit careful of all macroeconomic development and car demand that could fluctuate a little bit this year," CEO Harold Goddijn told Reuters, while adding he was optimistic about the year overall.

Navigation Firm TomTom Sees Broadly Flat 2024 Sales on Subdued Auto Sector

Navigation Firm TomTom Sees Broadly Flat 2024 Sales on Subdued Auto Sector
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