In its Q2 2024 earnings statement, location tech company TomTom noted that prevailing automotive trends indicated the ongoing integration of its products in the long term. However, there was a caveat: Chief Executive Harrold Goddijn announced that revenue targets for 2025 had been scrapped amid difficult market conditions.
“A combination of downward revisions for near-term car production volumes and delays in new model introductions has resulted in a generally less predictable market environment,” he offered as an explanation. An EBIT loss of €5.2m (US$5.67m) in Q2 has also brought TomTom’s projections for 2024 closer to the lower scale of its €570m-€610m full year revenue outlook.
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