TomTom profits drop 83 percent
GPS device maker TomTom has announced that it has managed to bleed a wee bit of money due to the ongoing price war at the low-end of the GPS market.
Down 83-percent from last year.
While they still managed to turn a profit, their net profit this quarter is €7.3M ($11.4M) compared to €44M ($66.2M) this time last year.
They’ve actually managed to sell roughly 50-percent more units compared to this time last year, but that’s a huge drop in revenue. I wonder how interested they are in the $4.2 billion all-cash deal to acquire Tele Atlas?