Navigation firm TomTom posts operating loss as auto sales slow

Digital mapping company TomTom’s operating result turned to a wider-than-expected loss in the first quarter, hit by slower car sales and higher investments in AI and automated driving, it said on Wednesday.

Its shares fell 12.5% to 6.37 euros per share by 0802 GMT.

“New car sales were slightly disappointing. We saw quite weak numbers on the sales side in Europe and North America for automobiles,” CEO Harold Goddijn told Reuters.