TomTom delivered a mixed set of Q3 results with a miss on the revenue line while profitability benefitted from a one-off subsidy. However, FCF surprised positively by comfortably beating the consensus despite a €1m lag burden from the Maps restructuring. TomTom reiterated its guidance underpinned by the fairly decent results. Regardless of the above, negative sentiment dominates in the market with the stock down by 7%.
