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TomTom eyes new verticals as GPS sales dip

Netherlands: TomTom, the Dutch maker of vehicle navigation systems, has reported a 13% drop in first quarter sales and said it was diversifying its product line to counter a market now saturated with portable navigation devices. TomTom”s sales fell to 202 million euros ($262 million) and the group posted a net loss of 2.3 million euros, worse than the loss of 1.5 million euros suffered in the same period a year earlier, the group said in a statement.

TomTom said it would diversify its line, and has introduced a new GPS multifunction sports watch while sprucing up its existing navigation products with interactive, 3D maps.

Source: TOI