By Joe Hoppe
TomTom shares rose Monday after it said its second quarter revenue grew on a good performance from its location technology business, and raised revenue guidance for the full-year.
Shares at 0723 GMT were up EUR0.57, or 8% at EUR7.77.
The mapmaker said group revenue for the second quarter rose 18% to 157 million euros ($176.3 million), as its location technology business showed continued momentum and good growth.
First-half revenue rose 14% to EUR297.3 million, driven by a 27% growth in location technology revenue to EUR246.2 million and a 1% growth in consumer revenue to EUR51.0 million.
The company raised its guidance for revenue and free cash flow, and now expects full-year revenue to be between EUR570 million-EUR600 million, from EUR536 million in 2022. It had previously guided for EUR540 million-EUR580 million for 2023.
TomTom said its roll-out of its new maps is progressing according to schedule, and as the roll-out progresses it will unlock increasingly sophisticated features, faster update cycles, and broader geographical coverage.
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