TomTom shares fall after Nokia's Ovi Maps announcement

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tomtom square.jpgNot to be the jammy bringers of a massive “we told you so” but yesterday, following Nokia’s announcement that Ovi Maps was to become free globally across their smartphone range, we suggested that it was “time to offload those TomTom shares”.

It seems that was prudent advice, as TomTom shares slid 10% today.

Though TomTom have made moves into the mobile market, such as last years iPhone cradle, they along with rival Garmin took a massive blow from Nokia’s new plans.

While TomTom need to move fast to ensure they remain a major player in the sat nav scene, Garmin’s partnership with Asus could yet yield some interesting developments in the navigation market.

Gerald Lynch