(Reuters) – Dutch navigation and digital maps firm TomTom on Wednesday reported a forecast-beating 14 percent rise in first-quarter revenue and said it had won two contracts to supply high-definition maps to carmakers.
“We had a good start of the year, winning the first two available HD map deals, which gives us an early position in this growth market,” said CEO Harold Goddijn in a statement.
TomTom - January - Management - Business - Japan
TomTom in January agreed to sell its fleet management business to Japan’s Bridgestone for 910 million euros, in order to concentrate on its digital map-linked businesses, which it has said it expects to grow by around 15 percent to 430 million euros in 2019.
TomTom’s prospects took a huge knock last year with the entry of Google’s far-reaching supply deal with a group of carmakers including Renault, Nissan and Mitsubishi .
Company - Decline - Sales - Satnav - Devices
The Amsterdam-based company also faces a long-term decline in the sales of dashboard-mounted satnav devices.
TomTom said the HD contracts were with two of the world’s largest car companies but...
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