1Q 2014 Results Warrant Careful Optimism
TomTom posted 1Q 2014 revenues of €205 million, a year-over-year increase of 2%. EBIT amounted to €2 million (versus €0 million in 1Q 2013) and gross margin was stable at 57%.
Revenues from the consumer and automotive divisions remained flat at €125 million and €29 million respectively. Consumer revenues include PNDs, sports watches, and automotive hardware revenue (€20 million in 1Q 2014). Licensing revenues were down 12% at €26 million. Revenues from the telematics division (formerly called TomTom business solutions) increased 29% to €25 million, with a WEBFLEET active subscriber installed base growing 38% to 348,000 vehicles (representing 28,000 customers) and subscription revenues increasing at a faster rate than hardware revenues.
Major product launches in 1Q 2014 included the TomTom Cardio GPS sport watch with integrated heart rate monitor, the TomTom Bridge programmable dri...
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