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TomTom profits drop 83 percent

tomtom_logoGPS 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.

How much?

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?

[Via Engadget]

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