TomTom Expects Drop In 2013 Profit

TomTom

reported fourth-quarter profit. It also projects a decline in its earnings this year. TomTom expects adjusted earnings of around 0.20 euros per share, down from 0.40 euros per share in 2012. It projects revenue of 900 million euros to 950 million euros, versus 1.06 billion euros in 2012. TomTom posted its quarterly profit of 99 million euros ($132.5 million), on revenue of 289 million euros. However, analysts were expecting a net profit of 7.95 million euros on revenue of 284 million euros.