TomTom cuts 2021 outlook as chip shortage threatens auto revenues

Dutch navigation and digital mapping company TomTom on Thursday cut its 2021 outlook, amid a global shortage in semiconductor chips that has disrupted auto supply chains and should eat into its revenues from carmakers.

FILE PHOTO: TomTom logo is seen on a vehicle in Eindhoven, Netherlands, November 21, 2019. REUTERS/Eva PlevierREUTERS: Dutch navigation and digital mapping company TomTom on Thursday cut its 2021 outlook, amid a global shortage in semiconductor chips that has disrupted auto supply chains and should eat into its revenues from carmakers.

The Amsterdam-based firm, whose customers range from major car companies to leading global tech firms, now predicts a revenue of 500 million to 530 million euros , with 400 million to 430 million euros generated from its core location technology business.The group had previously put revenues between 520 million and 570 million euros, with 420 million to 450 million euros coming from the core segment. It also cut its free cash flow guidance to around 5per cent from around 6per cent.

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