F

TomTom's second-quarter sales slump as pandemic hits car business

Credit: REUTERS/EVA PLEVIER

Dutch navigation and digital mapping company TomTom on Wednesday posted a 41% drop in second-quarter sales as shop closures and travel reductions saw a serious decline in its consumer business, which sells portable navigation devices for cars.

July 15 (Reuters) - Dutch navigation and digital mapping company TomTom TOM2.AS on Wednesday posted a 41% drop in second-quarter sales as shop closures and travel reductions saw a serious decline in its consumer business, which sells portable navigation devices for cars.

The Amsterdam-based company, whose clients range from carmakers Ford F.N and Nissan 7201.T to tech firms Microsoft MSFT.O and Huawei HWT.UL, reported sales of 123.7 million euros ($140.94 million), in line with expectations.

The group did not provide a detailed outlook, but said it expected to generate positive free cash flow in the second

half of the year.

In April, TomTom had forecast a negative free cash flow and lower revenues in its automotive and consumer businesses in 2020.

($1 = 0.8777 euros)

(Reporting by Sarah Morland and Anait Miridzhanian in Gdansk Editing by Shri Navaratnam)

((Sarah.Morland@thomsonreuters.com; +48 58 778 51 10;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

F MSFT

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More