TomTom shares plunge on poor Q3 results and Google announcement

Bad day for the company

29 October 2009 2:54 GMT / By Stuart Miles

TomTom and Garmin saw their share prices plunge on Wednesday, supposedly following the announcement from Google that it was entering the "Real time" navigation sector.

The news coincidently came as TomTom announced poor Q3 results with earnings down over 64 million euros based on last years figures.

"In regards to today’s news, there are a lot of interesting developments and opportunities in the digital mapping and navigation markets", a spokesman told Pocket-lint before adding that "We believe there are opportunities for all of us".

TomTom who has offered mobile software for sometime has only just moved into the iPhone app market space with its dedicated app and car docking system.

"We’re seeing a growing number of customers adopt our solutions and have expanded our market reach to include not just automotive but wireless and enterprise customers".

Google Maps Navigation will go live, initially in the US only, on 6 November on Android 2.0. A product manager in Google's Mapping department told Pocket-lint that the company currently has no plans to port it to other operating systems.

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