REUTERS: TomTom, a Dutch navigation and digital mapping business, lowered its 2021 outlook on Thursday, citing a global semiconductor chip shortage that has affected auto supply chains and is expected to eat into its earnings from carmakers. The Amsterdam-based firm now expects sales of 500 million to 530 million euros (US$592 million to US$627 million), with 400 million to 430 million euros coming from its core location technology business. Its customers include major automotive companies and top global tech organizations.
Revenues were earlier estimated to reach between 520 million and 570 million euros, with the core business accounting for 420 million to 450 million euros. It also lowered its free cash flow forecast to roughly 5% from around 6%. (1 US dollar = 0.8452 euros) (Anait Miridzhanian and Sarah Morland contributed reporting; Tom Hogue edited the piece.)
Reuters is the source of this information./n
