Amsterdam, The Netherlands — TomTom reported 33 percent gains both in revenue and net profits during its fiscal fourth quarter that ended Dec. 31.
Revenue rose to $932.1 million while net profits reached $157.3 million for the quarter.
TomTom said it won a market share in personal navigation devices (PNDs) of 27 percent in the United States for the quarter and 49 percent in Europe, where it is the market leader. It also predicts continued strong growth in the North American and European PND markets
The market for PNDs should grow by 80 percent in 2008 in the United States, from 9.5 million units last year to 17 million units, it said. Garmin estimated the U.S. market at a higher level of 12 million units in 2007, growing to a possible 20 million.
TomTom expects to sell between 14 million and 15 million PNDs worldwide in 2008.
For the fourth quarter, U.S. PND sales skyrocketed by 400 percent year-over-year to more than 5.5 million units, said TomTom.
The company, which is attempting to buy digital mapmaker Tele Atlas for $4.3 billion said it is waiting for a review by the European Commission and expects to “have reasonable insight” into the findings of that commission by the end of March.
