Oct 13 (Reuters) - Digital mapping specialist TomTom (TOM2.AS) reported lower than expected revenue at its main location technology business on Friday, sending its shares down 7%.
Sales in the auto sector rose 32% but the enterprise sector's sales fell 20%, reflecting lower volumes of some renewed contracts.
Total group sales rose 6% on the year to 144.1 million euros.
Finance chief Taco Titulaer said growth in car production might stabilise in the forth quarter, though he did not expect TomTom to suffer from it.
Titulaer said TomTom saw new opportunities in generative artificial intelligence (AI) and was "investing time and money and people" into the technology.
Persons:
Marc Hesselink, TomTom, Taco Titulaer, Titulaer, Gaëlle Sheehan, Nathan Vifflin, Milla Nissi, Susan Fenton
Organizations:
Google, ING, Volkswagen, Finance, Reuters, Thomson
Locations:
Gdansk