TomTom Says Fourth-Quarter Profit Rose 67%

TomTom, the Dutch maker of satellite-based navigation systems for cars, reported sharp increases in fourth-quarter sales and earnings Thursday.

Net profit was 80.4 million euros ($106 million), up 67% from 48.4 million euros a year ago, while sales rose 65% to 478 million euros ($629 million), the company said.

TomTom has grown rapidly in the past five years and estimates it has a 50% share of the European market, but trails behind larger rival Garmin in the United States with just a 20% share.

Last week the Cayman Islands-based Garmin said its earnings more than doubled to $180.3 million (137 million euros).

TomTom's shares fell 0.9% to 32.99 euros ($43.39) in Amsterdam trading. The stock more than doubled after its May 2005 listing at 17.50 euros, but has been held down since then by worries margins will fall as competitors such as Sony enter the market.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Tang is known by her stage name G.E.M. She is a Hong Kong based pop artist who has a powerful voice and a diverse fan base. Her 80 concerts from 2013 to 2015 helped make her one of the top-grossing singers in Asia.

  • "Mad Money" host Jim Cramer on what the highly anticipated Apple Watch could mean for the stock.

  • Mad Money host Jim Cramer explains how he ranks stocks for when things are going good, or go horribly wrong.