TomTom cuts 115 jobs

TomTom cuts 115 jobs
TomTom today announced a reduction of its global workforce - excluding Tele Atlas - of 7% or 115 staff as part of a cost cutting programme aimed at “aligning its cost structure to reflect to the current challenging consumer spending environment”.

Two days ago TomTom lowered its revenue and profit forecast (read here). its revenue is now expected to be between €1.66 billion and €1.68 billion instead of €1.75 billion to €1.85 billion.

The Dutch company said that “today's announcement does not affect Tele Atlas where reductions are already in progress which will lead to annualised savings of €35 million.” Indeed, Tele Atlas announced 125 job cuts last month (more here).

More in-depth information will be given at the time of the fourth quarter 2008 results announcement on 24 February 2009.

Thursday, January 22nd 2009
Alexandre Saltiel

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