TomTom sees 61 Percent Fall in Net Profit

TomTom NV (AMS:TOM2) have reported a 61 percent fall in net profits for Q2, but this is still better than analysts had feared. TomTom who offer navigation devices for cars had a net profit of 20 million Euros ($28.4 million); this is down from 52 million Euros from the same period last year.

According to The LA Times, sales have also fallen to 368 million Euros, a fall of 19 percent. There is some hope though, as these poor figures were an improvement from the first quarter of 2009. Amsterdam-based TomTom had posted a loss of 39 million Euros and a loss on sales of 213 million Euros.

TomTom still have a tough battle ahead of them, the downturn in the economy and the price reductions that they were forced into due to fierce competition from U.S. and Asian rivals will do nothing to make life east of the GPS maker.

Maybe TomTom might see a light at the end of the tunnel when they finally release their first app for the Apple iPhone.

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