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'Embracing AI': TomTom cuts 300 jobs / Photo: PASCAL PAVANI - AFP
NYSE - LSE
'Embracing AI': TomTom cuts 300 jobs
Dutch car navigation firm TomTom said on Monday that it was slashing 300 jobs, roughly 10 percent of its workforce, as it seeks to stem financial losses and "embraces artificial intelligence".
The Amsterdam-based company was an early pioneer of digital navigation in cars, but has been struggling as people no longer use a separate device to move around.
TomTom announced in a statement that it was "realigning its organisation... as it embraces artificial intelligence", resulting in "organisational changes".
These changes would affect "certain roles in the units working on our application layer, and in our sales and support functions, resulting in a reduction of 300 roles," the firm said.
The company employs around 3,600 people worldwide.
TomTom forecasts a drop in sales from 574 million euros ($674 million) in 2024 to 505-565 million this year.
Chief executive Harold Goddijn told investors in April that trade tensions resulting from US President Donald Trump's tariffs made the short-term outlook for the firm "less predictable".
However, he said that he remained "confident in our long-term trajectory".
F.S.Meyer--BlnAP
