TomTom Shares are Down 9.3%

The shares for the satnav leader TomTom have dropped and there are fears that the falling prices of GPS will affect profits and yesterday the shares were 9.3% lower at 34.40 euros. TomTom have said that they sold 4.3 million devices in the last three month of 2007.

“A large proportion of our revenue is in the US, where pricing conditions are slighly more aggressive than in Europe,” said TomTom chief executive Harold Goddijn.

Garmin and TomTom are facing competition from mobile phone companies as they embark on using devices which also include GPS.

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