TomTom: sees early signs of recovery, shares jump

(CercleFinance.com) - Dutch navigation device maker TomTom said on Wednesday that there were "early signs" of recovery in the second quarter, which helped lift its shares 10% on Euronext Amsterdam.


The company - which develops maps, navigation software, real-time traffic information and services - said revenue decreased by 41% to 124 million euros in the second quarter.

"Covid-19 remains a challenge for the global economy, but our operational revenue is on the road to recovery from the lows experienced in April," the group said in its statement.

TomTom said it saw a "large volume of deal activity" in the first half of the year, having recently won deals with US carmaker Ford and French tyremaker Michelin.

Overall, it made a net loss of 62 million euros in the second quarter, compared to a net profit of 742 million euros in the same period one year earlier.

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