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TomTom Raises 2023 Guidance After Q4 Beat

(Reuters) – Dutch navigation and digital mapping company TomTom on Friday raised its 2023 guidance after posting better-than-expected fourth-quarter revenue.

The Amsterdam-based firm, whose customers range from major car companies to leading global tech firms, forecast revenue for the current fiscal year in a range of 540 million euros to 580 million euros ($588.33-$631.91 million), with free cash flow of between 0% and +5% of the revenue.

The group had previously guided for a revenue of 500-550 million euros, with 425-475 million euros generated from its core location technology business, and free cash flow at breakeven.

(Reporting by Federica Mileo in Gdansk; Editing by Muralikumar Anantharaman)

Copyright 2023 Thomson Reuters,

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