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TomTom Updates iPhone App As Revenue Expectations Fall

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Facing weak sales and competition from free or cheaper navigation software for smartphones, Dutch company TomTom has revised it full-year revenue expectations downwards for the second time in three months.

In April the company lowered its revenue expectations for 2011 and at the close of the markets last night, it released a statement that revised its revenue downwards once again. Full-year revenue has been cut to between €1.23 billion and €1.28 billion, down from the previous estimate of between €1.43 billion and €1.48 billion. Among the reasons given for the lower revenue estimates include the growth of cheap or even free navigation software available for all smartphones, which people are choosing to use instead of dedicated Personal Navigation Devices (PND). The PND market in the US is declining at a faster rate than here in the Europe and is expected to be down year-on-year by up to a huge 30 percent in 2011.

                          TomTom for iPhone App 1.8

In a bid to bolster its revenue, TomTom has released the latest version (1.8) of its navigation app for the iPhone. The major new feature in the updated app is the ability to create multi-stop routes, letting drivers add up to five stop-off points when they plan their journey. This should remove the hassle of entering a new journey each time and means that the driver can get an accurate estimated time of arrival for their final destination. As well as multi-stop routes, the new app has the latest maps, plus TomTom has updated its fixed speed camera database with the most up-to-date locations.

The TomTom app is available now for purchase in the App Store for £49.99 (UK & Ireland maps) for the iPhone 4, 3GS, 3G as well as the iPod touch.

Source: Reuters

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