“Dutch digital mapping company TomTom on Tuesday raised its full-year outlook as upbeat sales of software and services to carmakers in the second quarter helped offset the falling popularity of GPS devices,” Toby Sterling reports for Reuters. “Its shares, which had suffered from a report that customer Apple may be lessening its reliance on TomTom’s maps, rose 5 percent to 7.69 euros.”
“Chief Executive Harold Goddijn said robust demand from automaker customers, rather than new customer wins, were behind the outlook upgrade,” Sterling reports. “He said he did not expect U.S. tariffs on China, where TomTom outsources the manufacture of its hardware, to impact earnings.”
“Navigation devices are “apparently on the list of products that incur a tariff when going to the U.S.,” Goddijn said,” Sterling reports. “However, the bulk of TomTom’s sales are outside the United States and Goddijn said he did not expect a ‘material effect.’ He said, ‘It is a very low number and very low potential increase in our cost.'”
Read more in the full article here.
MacDailyNews Take: Good for TomTom and especially for those who got into TomTom at the ned of June.
TomTom shares fall after report Apple is building own Maps database on – June 29, 2018
Questions about Apple’s new Maps, answered – June 29, 2018
Apple has been rebuilding Maps from the ground up for years and it’s due to launch very soon – June 29, 2018