Amsterdam, The Netherlands — TomTom reported an 83 percent increase in portable navigation device (PND) volume for the third quarter over the period last year, reaching 2.2 million units.
The company said its net profit rose 36 percent to 99 million Euros and revenue rose 21 percent to 427 million Euros for the quarter compared to last year.
For the full year in 2007, TomTom expects the total US PND market to triple to between 8 million and 9 million units and the European market to almost double to 15 million to 16 million units. TomTom itself expects to ship between 9 million and 10 million units worldwide in 2007.
Regarding its much anticipated purchase of map maker Tele Atlas, TomTom said the waiting period required by U.S. antitrust regulations was completed without a request for additional information and that TomTom has notified the European Commission of the transaction. A report yesterday from Thomson Financial said the European Commission set an inquiry deadline for the Tele Atlas purchase of Nov. 28.
TomTom was founded in 1991 and employs over 800 people.