Dutch mapping technology firm TomTom has posted a sharp turnaround in its financial results, with third-quarter earnings of 8.4 million euros, far above analyst forecasts of 2 million euros. The improvement, supported by cost control and better sales to automakers, pushed its shares up more than 7% in early trading in Amsterdam.
CEO Harold Goddijn credited stronger automotive revenues and operational efficiency gains achieved through system standardization. Earlier this year, TomTom announced 300 job cuts to streamline operations and integrate more artificial intelligence into its workflow.
The company’s automotive technology unit grew by 2%, reflecting rising global demand for advanced mapping and driver-assistance systems. Goddijn said automakers from Japan, China, Europe, and the U.S. are increasingly investing in automated driving solutions.
Although consumer sales continue to slow, TomTom’s navigation app remains profitable and provides valuable data feedback for its expanding self-driving map technology.
