TomTom maps out profit dip

TomTom, the Dutch technology company best known for satellite navigation devices used by car drivers, yesterday cut its 2011 outlook for the second time, blaming weak consumer electronics markets.

The firm has seen its sales hit as more consumers use free or cheap navigation software on their smartphones and turn increasingly to newer gadgets including tablet computers. It had already lowered its full-year revenue guidance in April.

TomTom revised its guidance again, cutting its full-year revenue expectations to between €1.2 billion (1.1bn) and €1.3bn, from its previous forecast range of €1.4bn to €1.5bn.