Netherlands-based GPS maker TomTom reported on Wednesday that earnings for the second quarter were 20 million euros ($28 million), a drop of 61 percent from 52 million euros ($74 million) in the same quarter a year ago. Sales fell 19 percent to 368 million euros ($523 million).
But analysts surveyed by Thomson Reuters had expected a net gain of only 13 million euros ($18 million). And despite the decline, both sales and earnings were higher than in the first quarter, when TomTom was hit with a 39 million euro ($55 million) loss on sales of 213 million euros.
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