Or so says the CEO of the company… but do you agree?

• Despite the fact that both Google and Nokia have recently announced free turn-by-turn navigation on mobile phones, TomTom’s CEO, Harold Goddijn, is firm in his belief that these threats will not affect his company’s well-being or profitability.
• Goddijn extolled his company’s proficiency in map-making, while downplaying the threat of competing companies offering free services that would replicate the functionality of his company’s GPS device on mobile phones, a service he says has existed for quite some time.
• Tom Tom avoided experiencing a huge setback in the recession by cutting costs and focusing sales efforts on car manufacturers, fleet management services, map and traffic subscriptions and an iPhone app.

Facts and Figures

• TomTom’s 2009 fourth quarter net profit came out to be 73 million euros ($99 million)
• In the fourth quarter, sales rose 1% to 533 million euros, up from 528 million euros a year ago.
• The company expects sales to be flat in 2010.

Best Quote

“We need to get away from the impression that the various navigation platforms are competing with each other.” – Harold Goddijn, Chief Executive Officer of TomTom NV

Tags: competition, delusional, gps, tomtom