Latest news for TomTom (OTC:TMOAY) Stock

TomTom NV is a software company specializing in Developing and selling navigation and location-based products and services, including maps, traffic, navigation software, and portable navigation devices. The company operates in two reporting segments; Location Technology and Consumer. The Location Technology Segment is engaged in developing and selling location-based application components such as maps, services, and navigation software to customers in different market segments. The Consumer segment generates revenue mainly from the sale of portable navigation devices and mobile applications. The majority of revenue is derived from the Location Technology Segment.

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A number of Alphabet Inc.&#39;s (NASDAQ: GOOG) (NASDAQ: GOOGL) rivals are coming together to create a new wave of geolocation apps and snatch the crown from Google Maps. 

Meta, Microsoft, Amazon, TomTom And Others Join Linux To Disrupt Google Maps&#39; Dominance

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TomTom Posts Q1 Loss

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TomTom Expects Drop In 2013 Profit

TomTom NV

A number of Alphabet Inc.&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) rivals are coming together to create a new wave of geolocation apps and snatch the crown from&nbsp;Google Maps.&nbsp;
What Happened:&nbsp;Global nonprofit organization <a href="https://www.benzinga.com/pressreleases/22/12/n30088112/linux-foundation-announces-overture-maps-foundation-to-build-interoperable-open-map-data" style="text-decoration-line:none">Linux Foundation announced</a> the formation of Overture Maps Foundation, a new effort to develop interoperable open maps data as a shared asset.&nbsp;
See Also: <a href="https://www.benzinga.com/government/22/09/28807311/google-under-doj-scanner-for-splurging-to-maintain-search-engine-dominance" style="text-decoration-line:none">Google Under DOJ Scanner For Splurging To Maintain Search-Engine Dominance</a>
<blockquote class="twitter-tweet">&ldquo;We are excited to facilitate this open collaboration among leading technology companies to develop high quality, open map data that will enable untold innovations for the benefit of people, companies, and communities.&quot; - Jim Zemlin
About Overture Maps: <a href="https://t.co/TpPey0gTSb">https://t.co/TpPey0gTSb</a> <a href="https://t.co/OoYjau9o3Q">pic.twitter.com/OoYjau9o3Q</a>
&mdash; The Linux Foundation (@linuxfoundation) <a href="https://twitter.com/linuxfoundation/status/1603480012308582400?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Tech giants like Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), Amazon Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>),&nbsp;Web Services, Microsoft Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and TomTom (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tmoay#OTC">TMOAY</a>), a Dutch geolocation company, have come out in support of this project.&nbsp;
The Overture Maps Foundation project promises to use global data from these companies and from outside to build accurate and complete maps.
Linux also said that this project will level the playing field for anybody looking to develop up-to-date geolocation services or maps without paying for expensive commercial data, which may or may not be accurate, <a href="https://gizmodo.com/linux-google-maps-meta-aws-microsoft-tomtom-1849899375" style="text-decoration-line:none">reported</a> Gizmodo.&nbsp;
Google Maps has mapped more than 220 countries and territories. It is also the most-downloaded GPS app by far, the report noted.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/22/10/29180510/google-plans-to-take-over-apple-samsung-and-other-asian-rivals-requested-more-than-eight-million-uni" style="text-decoration-line:none">Google Bets Big On Pixel 7 Phones To Take On Apple And Samsung &mdash; Reportedly Looking At &#39;Largest-Ever Launch Order&#39;</a>

Meta, Microsoft, Amazon, TomTom And Others Join Linux To Disrupt Google Maps' Dominance

TomTom (OTC: <a class="ticker" href="/stock/tmoay#OTC">TMOAY</a>) reported a narrower-than-expected Q1 net loss.

TomTom posted a quarterly loss of 2 million euros on revenue of 202 million euros. However, analysts were estimating a net loss of 5.85 million euros on revenue of 203 million euros.

TomTom (OTC: <a class="ticker" href="/stock/tmoay#OTC">TMOAY</a>) 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.

TomTom NV (OTC: TMOAY) announced its plans to cut 10% of its workforce. 

TomTom will lower more than 400 jobs and reorganise its research and development departments.

TomTom To Lower Jobs

TomTom

A number of Alphabet Inc.&#39;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) rivals are coming together to create a new wave of geolocation apps and snatch the crown from&nbsp;Google Maps.&nbsp;

What Happened:&nbsp;Global nonprofit organization <a href="https://www.benzinga.com/pressreleases/22/12/n30088112/linux-foundation-announces-overture-maps-foundation-to-build-interoperable-open-map-data" style="text-decoration-line:none">Linux Foundation announced</a> the formation of Overture Maps Foundation, a new effort to develop interoperable open maps data as a shared asset.&nbsp;

See Also: <a href="https://www.benzinga.com/government/22/09/28807311/google-under-doj-scanner-for-splurging-to-maintain-search-engine-dominance" style="text-decoration-line:none">Google Under DOJ Scanner For Splurging To Maintain Search-Engine Dominance</a>

<blockquote class="twitter-tweet">
&ldquo;We are excited to facilitate this open collaboration among leading technology companies to develop high quality, open map data that will enable untold innovations for the benefit of people, companies, and communities.&quot; - Jim Zemlin 
 
About Overture Maps: <a href="https://t.co/TpPey0gTSb">https://t.co/TpPey0gTSb</a> <a href="https://t.co/OoYjau9o3Q">pic.twitter.com/OoYjau9o3Q</a>
&mdash; The Linux Foundation (@linuxfoundation) <a href="https://twitter.com/linuxfoundation/status/1603480012308582400?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Tech giants like Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>),&nbsp;Web Services, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and TomTom (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TMOAY#OTC">TMOAY</a>), a Dutch geolocation company, have come out in support of this project.&nbsp;

The Overture Maps Foundation project promises to use global data from these companies and from outside to build accurate and complete maps.

Linux also said that this project will level the playing field for anybody looking to develop up-to-date geolocation services or maps without paying for expensive commercial data, which may or may not be accurate, <a href="https://gizmodo.com/linux-google-maps-meta-aws-microsoft-tomtom-1849899375" style="text-decoration-line:none">reported</a> Gizmodo.&nbsp;

Google Maps has mapped more than 220 countries and territories. It is also the most-downloaded GPS app by far, the report noted.&nbsp;

Read Next: <a href="https://www.benzinga.com/news/22/10/29180510/google-plans-to-take-over-apple-samsung-and-other-asian-rivals-requested-more-than-eight-million-uni" style="text-decoration-line:none">Google Bets Big On Pixel 7 Phones To Take On Apple And Samsung &mdash; Reportedly Looking At &#39;Largest-Ever Launch Order&#39;</a>

TomTom (OTC: <a class="ticker" href="/stock/tmoay#OTC">TMOAY</a>) reported a narrower-than-expected Q1 net loss.

TomTom posted a quarterly loss of 2 million euros on revenue of 202 million euros. However, analysts were estimating a net loss of 5.85 million euros on revenue of 203 million euros.

TomTom (OTC: <a class="ticker" href="/stock/tmoay#OTC">TMOAY</a>) 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.

TomTom NV (OTC: TMOAY) announced its plans to cut 10% of its workforce. 

TomTom will lower more than 400 jobs and reorganise its research and development departments.


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