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TomTom Cuts Jobs

1/22/2009 11:18:00 AM Eastern

Amsterdam — TomTom will cut 115 jobs, reducing its global workforce by seven percent, excluding Tele Atlas, as a result of the current economy.

The job cuts are part of a “cost cutting program aimed at aligning its cost structure to reflect to the current challenging consumer spending environment,” TomTom said in a statement.

Earlier this week the company

reduced

its estimate for total industry portable GPS sales in both North America and Europe to 17 million each, for 2008, down from the 18 million each predicted earlier. It also lowered its revenue estimates for the full year 2008 to approximately $2.1 billion, down from $2.3 to $2.4 billion.  Full fourth quarter and year 2008 results will be reported on February 24.