TomTom tops profit expectations in Q3, boosted by growth in automotive unit
Home » TomTom tops profit expectations in Q3, boosted by growth in automotive unit

TomTom tops profit expectations in Q3, boosted by growth in automotive unit

by Inkhabar webdesk
TomTom tops profit expectations in Q3, boosted by growth in automotive unit

(Reuters) -Dutch digital mapping specialist TomTom reported a rise in its third-quarter operating profit on Tuesday, beating market expectations, boosted by growth in its automotive location technology business. The Amsterdam-based company posted earnings before interest and taxes of 8.4 million euros ($9.7 million) for the quarter, a strong beat against analysts' average estimate of 2 million euros in a company-provided consensus. "This quarter, our Automotive operational revenue showed encouraging growth, partly driven by the ramp-up of new car lines we supply," Chief Financial Officer Taco Titulaer said in a statement. The automotive business was the only segment to show revenue growth during the quarter with an increase of 2% to 79.5 million euros, coming above market expectation of 74 million euros. TomTom also confirmed its outlook for the full year. ($1 = 0.8629 euros) (Reporting by Mathias de Rozario and Elizaveta Zhuravleva in Gdansk, editing by Milla Nissi-Prussak)

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