Navigation firm TomTom gains on Q4 EBIT beat

TomTom NV

02/02/2024 08:19

** Shares in TomTom  TOM2.AS  jump more than 4% after the
Dutch digital mapping specialist posted smaller-than-expected Q4
EBIT loss
    ** Q4 EBIT loss widens to 10.4 million euros ($11.3
million), but beats analysts' forecast for a loss of 12 million
euros
    ** "The beat can be roughly equally split between better
gross margin (mix) and lower recurring OPEX (post
restructuring)," ING analyst Marc Hesselink says
        ** TomTom sees revenue of 570-610 million euros in 2024,
broadly stable compared to the previous year
    ** It also reiterates its 600 million euro location
technology revenue target for 2025
    ** "This implies a strong step-up in growth in location
technology," Hesselink says
    ** Including Friday's rise, the stock has gained 3% YTD

($1 = 0.9187 euros)

 (Reporting by Augustin Turpin and Gaëlle Sheenan)
 ((augustin.turpin@thomsonreuters.com))