Pandemic Sent Q2 Revenue at Automotive-Reliant TomTom Plunging 47%

Though pandemic “consequences” remain a challenge for the global economy, TomTom revenue is “on the road to recovery from the lows that we experienced in April,” said CEO Harold Goddijn on a Q2 investor call Wednesday. The GPS and mapping device supplier had “a very good upward trend in the second half of the quarter, both for automotive and for retail products,” he said. The June 30 quarter started with “factory and retail closures impacting trading conditions for automotive and consumer,” said Chief Financial Officer Taco Titulaer. The quarter got progressively better with the reopening of automotive factories and “the return to retail activity,” he said. “June was by far the strongest month and contributed about half of the quarter's operational revenue,” though it was down 47% from a year earlier, he said.