DIGITAL mapping specialist TomTom said on Wednesday (Apr 17) its operating result turned to a wider-than-expected loss in the first quarter, weighed down by an increase in research and development (R&D) costs.
The Amsterdam-based company posted a loss before interest and taxes of 4.9 million euros (S$7 million) for the first three months of 2024, versus a profit of 2.6 million euros last year.
Analysts were expecting a loss of two million euros on average, a company-compiled consensus showed.
TomTom’s revenue fell 1 per cent to 139.3 million euros, missing expectations of 144 million euros.
Its automotive business, which represents around 60 per cent of the total revenue, reported a 6 per cent drop in operational revenue due to lower car production volumes.
The location data pioneer, which started by providing a navigational tool for turn-by-turn directions, has gone through major restructuring and is now developing high-definition self-driving maps that integrate consumer data and advanced driver assistance systems. REUTERS
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