Navigation firm TomTom Q1 operating result turns to loss on higher R&D costs
17/04/2024 06:13
April 17 (Reuters) - Digital mapping specialist TomTom
TOM2.AS said on Wednesday its operating result turned to a
bigger than expected loss in the first quarter, weighed down by
an increase in R&D expenses.
The Amsterdam-based company posted a loss before interest
and taxes of 4.9 million euros ($5.2 million) for the first
three months of 2024, versus a profit of 2.6 million euros last
year.
Analysts were expecting a loss of 2 million euros on
average, a company-compiled consensus showed.
($1 = 0.9414 euros)
(Reporting by Mathias de Rozario and Gaëlle Sheehan in Gdansk;
editing by Milla Nissi)
((mathias.derozario@thomsonreuters.com))