TomTom Reports Quarterly Earnings, Updates Outlook

TomTom [TOM2] raised its full-year revenue outlook after revenue for its automotive unit grew 52 percent to 91 million euros.  The company had forecasted a 7 million euro loss, but the total operating loss for the quarter, before interest and tax, turned out to be 3.6 million euros.

“Our Location Technology business performed well in the second quarter, showing continuing momentum and good growth.  After a strong first half of the year, we are increasing our outlook for 2023 revenue and free cash flow,” said Harold Goddijn, TomTom’s CEO, in a statement.

TomTom partnered with Alteryx during the quarter (Image: TomTom).

For the quarter, the company highlighted its deal with Alteryx to power its cloud-based analytics solution to provide location insights.  The company also expanded its automotive ADAS portfolio with Live Speed Restrictions.  Finally, TomTom co-founded the Overture Maps Foundation, releasing specs for a structured data model and interoperability.

TomTom Falls Victim to Cyberattack

In other company news, TomTom was targeted in a cyberattack by a pro-Russian ransom group, according to published reports.  The company said it had taken action to protect data after CL0p attacked its MOVEit file transfer system in May.


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