TomTom's Q1 net income drops 48% y/y to USD3.7 million

Revenue up 14% y/y

TomTom has reported 48% year-over-year (y/y) decline in net income to EUR3.3 million (USD3.7 million) in the first quarter ended 31 March 2019, the company said in a press release on 17 April. Revenue increased 14% y/y to EUR169.5 million. Despite higher revenue, TomTom’s operating loss nearly tripled to EUR13.2 billion, as the company witnessed sharp increase in research and development (R&D) expenditure of 58% y/y to EUR72.5 million. The company reported free cash outflow of EUR20 million during the first quarter, compared to outflow of EUR7 million during the same quarter a year earlier.