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TomTom Writes Down Prospects for Satnav Devices

July 22, 2011
TomTom, the Dutch navigation equipment and digital map-maker, posted a second-quarter net loss of 489 million euros ($703 million) on Friday after booking a big impairment charge to reflect the dismal market outlook for its personal navigation devices (PNDs).

TomTom has struggled for months to overcome slumping demand for PNDs and cut its full-year forecasts last month, citing weak consumer electronics markets in both Europe and the United States.

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