TomTom drops on worse-than-expected Q1 EBIT
Corrects milestone in last bullet
** Shares in TomTom TOM2.AS fall around 12% as the company's Q1 EBIT turns to wider-than-expected loss weighed by clients' lower car production volumes
** "Automotive operational revenue (-6% YoY and 8% miss vs cons) were impacted by lower production volumes at TomTom clients and underperformed the general automotive market which was flattish", ING analyst Marc Hesselink says in a note
** The company posted a Q1 operating loss of 4.9 million euros ($5.21 million), vs a profit of 2.6 million euros in Q1 2023 and a company-compiled consensus of -2 million euros
** Q1 revenue was also down 1% to 139.3 million euros, vs expectations of 144 million euros
** Share on track for its worst day since mid-October, 2022 if losses hold, when it closed 11.7 % lower
($1 = 0.9409 euros)
Reporting by Gaëlle Sheehan and Mathias de Rozario
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