No surprise there then:-

TomTom announced their Q2 2017 results this week. The headline figure, a loss of €160m, compared to a profit of €12m in the same period last year and total revenue of €253m (down from €265m in Q2 2016).

TomTom blame disappointing sales in their sports division for lower hardware revenues with the wearables market falling short of expectations. Automotive and licensing revenues are up (€80.7m versus €68m).

The full year outlook is still expected to be within forecast albeit at the lower end of the range. They also announced an intention repurchase ordinary TomTom shares for an amount up to €50 million, representing 2.5% of total issued share capital. The share repurchase is to be used to cover their commitments arising from stock option and share plans.

Unsurprisingly, TomTom state they now want to focus on their automotive, licensing and telematics business which is returning a profit. TomTom are well placed to capitalise on the future migration towards self-driving autonomous vehicles and that market is set to grow sharply as vehicle manufacturers race to incorporate self-driving technology, all of which requires high quality map data.

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