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April 14, 2021, 1:48 a.m. EDT

TomTom losses narrow significantly

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By Matteo Castia

TomTom NV said Wednesday that its net loss for the first quarter narrowed significantly, driven by growth in the core location-technology division, higher gross margin and lower operating expenses.

The Dutch mapping company said first-quarter net loss was 11.5 million euros ($13.7 million), compared with a loss of EUR63 million for the year-earlier period.

Revenue remained flat on the year at EUR131 million.

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