NewsApril 08, 2008
TomTom share price falls on poor sales figures
Shares in Dutch sat nav manufacturer TomTom have fallen 10% on the news of poorer than expected worldwide sales.
The company had forecast growth of 20% in 2008, but it admits it is now unlikely to meet that target after first quarter revenue was down 15-25 million Euros on the same period in 2007.
Although still the European market leader TomTom has seen considerable competition recently from companies such as Garmin and Navman, as well as from smartphone manufacturers bundling satellite navigation technology in their handsets.
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