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TomTom said it will cut 115 jobs, reducing its global workforce by 7 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 last Thursday.
Last 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 Feb. 24.
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