TomTom to cut 10% of jobs due to improved automation
TomTom is such an interesting story in technology and finance. Went from zero to $ 10B+ between '05 - '07 [1]. Everyone you knew had one, used one, loved one. Then the sudden boom in mobile phones and mobile internet and the financial crisis. Total crash of the stock. Pretty much subsistence without any proper profits since '09-'10. Not enough IP to get bought, a few licensing deals here and there. Always falling revenue. No profits. Pretty much a zombie corporation employing 4500 people.<p>Perhaps I'm harsh. Reading the annual report [2]. It's a great company! High management board remuneration. Great place to work. A minister on the supervisory board. Measures CO2 and environmental impact and water usage. And still... what does it say when 4400 people generate about 2 years of salary in total market cap? And where the only positive value is free cash flow (non-GAAP).<p>[1] <a href="https://companiesmarketcap.com/tomtom/earnings/" rel="nofollow">https://companiesmarketcap.com/tomtom/earnings/</a><p>[2] <a href="https://corporate.tomtom.com/static-files/8fd1d5d2-0ecb-47b6-97b7-9c8017df91c2" rel="nofollow">https://corporate.tomtom.com/static-files/8fd1d5d2-0ecb-47b6...</a>