TomTom sees more supply chain constraints in 2022, misses Q4 estimates

FILE PHOTO: TomTom navigation are seen in front of TomTom displayed logo in this illustration taken July 28, 2017. REUTERS/Dado Ruvic

(Reuters) -Dutch navigation and digital mapping company TomTom said on Friday it expected more supply chain constraints in 2022, as it reported a bigger-than-expected quarterly core loss.

The Amsterdam-based firm said supply chain shortages would persist throughout the year before easing in 2023.

TomTom, whose customers include Volkswagen and Microsoft, has been hit by semiconductor supply chain issues, which have forced carmakers around the globe to slash production.

The company guided for a full-year revenue of between 470 million to 510 million euros in 2022, below analysts' expectations of 541 million euros.

However, TomTom said it expected its revenue to be between 500 million and 550 million euros in 2023, as it saw continued increases in automotive operational revenue.

The firm reported a fourth-quarter loss before interest, taxes, depreciation and amortisation of 19.2 million euros ($22 million), far bigger than the 7-million-euro loss analysts had forecast.

Revenue and net results also failed to meet analyst expectations.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) in December was down 21.7% year-on-year, marking the sixth month in a row of declines, industry data showed in January.

($1 = 0.8726 euros)

(Reporting by Anait Miridzhanian; Editing by Kim Coghill and Shailesh Kuber)

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