TomTom NV announced that losses in the fourth quarter have shrunk and that it expects supply chain constraints to ease in 2023.
The Dutch navigation technology group recorded net losses for the last quarter of 2021 amounting to 38.8 million Euros, compared to losses of 65.9 million Euros for 2020.
Revenues for the fourth quarter fell to 115.2 million euros from 125.4 million euros a year ago.
Revenues for the year decreased to 506.9 million Euros from 528.2 million Euros in the previous year.
For 2022 the company expects that the total revenue will be between 470-510 million Euros, with the revenues from the location technology to be 380-420 million Euros.
We expect that our investments in 2022 will lead to operational efficiency. “These, combined with revenue growth, are expected to lead to positive cash flows in 2023 and beyond,” said CEO Harold Goddijn.
Source: Capital
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