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TomTom posts a profitable quarter thanks to their iPhone app

TomTom posts a profitable quarter thanks to their iPhone app
Despite the increased competition from the not so traditional personal navigation companies out there, TomTom was able to post a profit during the fourth quarter of 2009 amidst a period of unexpected uncertainties. Thanks partly to more than 100,000 sales of its popular GPS navigation app, TomTom was able to turn in a profit of 73 million euros ($99 million) – that's actually better than what they posted the same period last year when they lost 989 million euros. This comes after both Google and Nokia announced that they would start offering free turn-by-turn navigation software to customers through their smartphones. TomTom CEO Harold Goddijn said, "The industry we operate in is going through substantial change. Increasingly, digital maps are being deployed in the battle for mobile phone screens, either via smartphone or mobile Internet applications.” Although it was first released with a $99.99 price tag, TomTom has reduced its price to $79.99 for its maps of the US and Canada. With even more savings, you can simply download the US only map for only $59.99. We'll see how things pan out in the future as the market for personal navigation continues to become even more competitive.

via AppleInsider

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