Satellite navigation system maker TomTom posted a loss of €489m in the second quarter of this year, due to a one-off impairment charge of €512m as the market for personal devices continues to decline.

Second-quarter turnover was down 13% on a year ago at €314m. In June, TomTom reduced its full year sales forecast to between €1.225bn and €1.275bn.
‘We have seen a decline of the PND market against a background of a weak consumer electronics market which impacted our consumer business. On the other hand, sales by automotive and business solutions grew as did our live services revenue,’ CEO Harold Goddijn said in a statement.
The company said it expected the trend towards declining consumer sales to continue in the second half of the year, particularly because of developments in the North American market.