TomTom (AMS:TOM2) shares jumped 22% on Tuesday, after it reported slightly higher-than-expected first-quarter revenue, helped by stronger results in its automotive location technology division.
The Dutch digital mapping company posted revenue of €140.4 million, up 1% from a year earlier and ahead of the €136 million consensus forecast.
Automotive location services, which account for nearly 57% of TomTom’s total revenue, brought in €79.7 million, beating estimates despite broader industry weakness, with EU new car registrations down for a second consecutive month in February.
TomTom’s enterprise location business also delivered, rising 18% year-on-year, driven by ongoing demand from clients including Microsoft and Esri.
Despite the stronger quarter, the company maintained a cautious stance on the year ahead, noting limited visibility in the automotive sector as it reaffirmed its 2025 outlook.