Driven by stronger automotive division sales, digital mapping company TomTom [TOM2] last week reported smaller than expected losses for its third quarter. The company reported a quarterly operating loss of more than $8 million—which is down from a 17.5 million euro loss at the same time a year ago.
During the quarter, TomTom launched new maps of North America and Europe. The company also integrated its connected services in the Stellantis Peugeot E-3008. In addition, the company launched a ChatGPT plugin for location technologyand signed a traffic deal in the U.S. with StreetLight.
“We performed well in the third quarter, with our location technology business recording sustained year-on-year growth. Enterprise revenue was in line with our expectations and our automotive business showed healthy underlying performance,” said TomTom CFO Taco Titulaer, in a statement. “For yet another successive quarter, year-on-year automotive operational revenue growth outperformed car production trends in our core markets.”
In other company news, TomTom has partnered with Edinburgh, Scotland-based Terra Visus to provide global coverage data through Terra Visus’ street-level data platform. The partnership also enables Terra Visus to offer its customers access to TomTom’s street-level data, geo-referenced spherical imagery and lidar.