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TomTom profit misses consensus by 94.2% in Q2

TomTom NV said its second-quarter normalized net income was €579,130, a decline of 90.6% from €6.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.2% from 2.4% in the year-earlier period.

Total revenue rose 5.0% on an annual basis to €264.6 million from €252.0 million, and total operating expenses rose 9.2% year over year to €264.0 million from €241.7 million.

Reported net income decreased 73.9% year over year to €2.3 million, or 1 cent per share, from €9.0 million, or 4 cents per share.