TOM2 @ MarketWatch

Feb. 18, 2011, 2:51 a.m. EST

TomTom profit down 29%

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By Simon Kennedy

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LONDON (MarketWatch) -- Dutch satellite navigation equipment maker TomTom NV(NL:TOM2 6.68, -0.62, -8.52%) said Friday that its fourth-quarter net profit fell 29% to 51.7 million euros from 73 million euros a year earlier as revenue slipped 3.3% to 515.8 million euros. The company said the overall personal navigation device market in the fourth quarter was smaller than expected, but that revenue was supported by growth in market share, higher selling prices and higher content and service revenue. In North America, the market size shrank to 6.5 million units from 8.6 million units a year earlier, while market share rose to 32% from 29%. Analysts had forecast a net profit of 51 million euros on sales of 496 million euros. The company said it expects earnings and sales in 2011 to be broadly in line with 2010.