DIGITAL mapping specialist TomTom said on Wednesday (Apr 17) its operating result turned to a wider-than-expected loss in the first quarter, weighed down by an increase in research and development (R&D) costs.

The Amsterdam-based company posted a loss before interest and taxes of 4.9 million euros (S$7 million) for the first three months of 2024, versus a profit of 2.6 million euros last year.

Analysts were expecting a loss of two million euros on average, a company-compiled consensus showed.

TomTom’s revenue fell 1 per cent to 139.3 million euros, missing expectations of 144 million euros.

Its automotive business, which represents around 60 per cent of the total revenue, reported a 6 per cent drop in operational revenue due to lower car production volumes.

The location data pioneer, which started by providing a navigational tool for turn-by-turn directions, has gone through major restructuring and is now developing high-definition self-driving maps that integrate consumer data and advanced driver assistance systems. REUTERS

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL