TomTom cuts 2021 outlook as chip shortage threatens auto revenues
(Reuters) – Dutch navigation and digital mapping agency TomTom on Thursday decrease its 2021 outlook, amid a world shortage in semiconductor chips that has disrupted auto present chains and can eat into its revenues from carmakers.
The Amsterdam-based company, whose prospects range from primary car companies to primary worldwide tech corporations, now predicts a earnings of 500 million to 530 million euros ($592 million to $627 million), with 400 million to 430 million euros generated from its core location experience enterprise.
The group had beforehand put revenues between 520 million and 570 million euros, with 420 million to 450 million euros coming from the core part. It moreover decrease its free cash motion guidance to spherical 5% from spherical 6%.
($1 = 0.8452 euros)
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