TomTom Earnings up; Gains Market Share
TomTom is doing well with revenue, net earnings and US market share up. Revenue increased by 16% over Q1 2006 overall, while North American revenue was up 121% year over year. They shipped 1.3 million units in the quarter, up 75%. They said that their market share in the US was up to 25% (up from 20% previously), and up to 52% in Europe (vs 50% previously). The CEO also reportedly mentioned that the North American unit is now profitable, which I would assume is driven by the big volume increase in the market.
TomTom’s Chief Executive Officer, Harold Goddijn said: “The global market for PNDs continues to show strong growth. The growth was particularly strong in North America, where the PND market is gathering momentum. We delivered strong profitability and cash generation in the quarter and we reinforced our leading position in personal navigation by increasing our market share in both Europe and North America.
We have the largest installed base of personal navigation users in the world, at around 10 million. More and more of our customers access TomTom HOME to take advantage of the increasing range of content and services which we offer to the TomTom community.
We have introduced a number of new products already this year and we have a strong roadmap still to come.
We look forward to the rest of the year with confidence and we re-iterate our full year guidance which we gave to the market at the time of our fourth quarter results.”
Read More in: Earnings Announcements
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Posted by Scott Martin at April 26, 2007 12:44 PM
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