TomTom has reported its Q1-23 results, exceeding the consensus estimates. The company’s revenue reached €141m, a 10% yoy increase. Growth was primarily driven by the Location Technology segment, which saw a significant increase to €118m, reflecting a 12% yoy rise. Meanwhile, the Consumer business segment remained flat at around €23m. Overall, TomTom has had a strong start to 2023 and has reaffirmed its guidance for the year, with a mid-term sales target of €560m.
