TomTom has published its results for Quarter 2 2015, and it shows a 15% fall in revenue from the automotive sector.
However its overall income was up to €265m, up €13m on the same quarter last year.
Automotive business generated revenue of €26m in the quarter, compared with €31m in Quarter 2 2014. The Company says this decline is mainly due to the phasing out of hardware-based contracts.
In the Telematics sector, revenue for the quarter was €35m, a 37% increase compared with €26m in Quarter 2 last year.
CEO Harold Goddijn said, “We reported revenue growth in the second quarter and overall a solid set of results. Our Automotive revenue contracted as anticipated, however we continued to book new business at levels which will support a growing business from next year onwards; Licensing delivered double-digit revenue growth in the quarter.
“We expect to have fully replaced our map-making system with a transaction-based platform that will enable near real-time maps, in the second half of 2015. With this technological innovation, TomTom is well positioned to address the need for accurate and up-to-date maps, for navigation applications and driver assistance applications, including Highly Automated Driving.”
The full report can be read here.