TomTom’s low financial outlook presages headwinds in Europe

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.