TomTom (TOM2) today announced preliminary financial information for Q3 2016, which ended 30 September 2016, and updated full year 2016 outlook.
Consumer PND markets have been weak over recent periods.
The European PND market is experiencing a faster rate of unit decline compared with what we have seen in the first half of the year and we now expect this market in units to be down by about -20% for the year as a whole. The rate of unit decline of the North American PND market is broadly in line with what we have seen in the first half of the year and for the year as a whole is expected to be around -23%.
The Automotive, Licensing, and Telematics businesses are developing in line with expectations.
Hardware revenues are lower than planned because of weak PND sales; content and service revenues reported growth, which resulted in a strong gross margin.
Full Q3 2016 results will be published on 21 October 2016.
Outlook 2016 updated
As a result of these developments, we now expect full year group revenue of around €980 million, down from previous guidance of around €1,050 million. Outlook for adjusted EPS1 of around €0.23 is unchanged.
Key figures
