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Tech & Science. Francisco De Jesùs.
Dutch TomTomm NV is Apple maps data supplier.
AMSTERDAM (AP) — Shares in Dutch navigation device maker TomTom NV have surged on news that the company will supply map data to Apple Inc.
They rose 12 percent to €3.653 ($4.56) in Amsterdam on Tuesday. TomTom
said it struck a deal to supply the U.S. hardware giant with "maps and
related information" and it won't disclose any other information.
SNS Securities analyst Martijn den Drijver said in a note that association with Apple
will boost TomTom's image and give it access to Apple's huge user base.
However, it is not clear how much TomTom will profit directly.
TomTom
has performed poorly in comparison to larger competitor Garmin Ltd, and
in April reported a €1.5 million first quarter loss, with sales down 12
percent to €233 million.
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