TomTom, the Dutch manufacturer of GPS satellite navigators, today published its 2011 balance sheet. The response was negative: after the good results of 2010, the company recorded a net loss of 438 million euros, with a -16% of turnover (to 1,27 billion euros) and a drop in sales on the European and North American markets of 8,6% and 39,4% respectively in the last quarter of the year.
And according to forecasts, things will not get better in 2012, despite a personnel cut from 457 effective (10% of total employees) for which it is planned to reduce operating expenses from 538 to 500 million euros in the current year.
