TomTom tracks worst day in a year on revenue miss

TomTom NV

13/10/2023 09:01

** Dutch digital mapping specialist TomTom  TOM2.AS  drops
about 6%, as consensus miss on location technology unit revenues
overshadows a narrower than expected group loss for Q3
    ** TomTom reports Q3 revenue of 144.1 million euros 
($152.01 million), up 6% y/y but slightly below analysts'
estimate of 145 million euros
    ** It's location technology unit, which sells navigation
systems and maps to car makers and companies like Uber, reports
Q3 revenue of 119.2 million euros, also below consensus forecast
of 122 million euros
    ** "The underlying quality was a bit light as location
technology was a 2% miss while consumer was a 5% beat," said
Mark Hesselink, analyst at ING
    ** The broker flags both automotive and enterprise revenues
in location technology miss consensus, with the latter dropping
20% y/y
    ** TomTom Q3 oper loss narrows to 8.7 million euros, beating
analyst consensus of a 11 million euro loss
    ** ING says "one-offish" items boost EBIT and EBITDA, which
are still largely in line with expectations
    ** If losses hold, TomTom is on track for its worst day in a
year
    
($1 = 0.9480 euros)

 (Reporting by Nathan Vifflin and Gaëlle Sheehan)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))