| 16.1°C Dublin

TomTom loses way

SATNAV manufacturer TomTom reported an unexpected loss in the first quarter due to falling consumer spending.

The €1.5m loss compares with a profit of €10.6m a year earlier, and analysts' expectations for profit of €1.28m.

Sales dropped 12pc to €233m, compared with analysts' estimate of €235m.

TomTom saw its European market share rise to 45pc, but is dealing with heavy competition from rival Garmin on the US market.

European demand is down. The average selling price was reduced to €112, 14pc lower than a year ago.