TomTom, the well know producers in wearables market for quite some years now, especially known for their GPS software and navigation products have now finally announced that they will not be able to continue the production any further.
Back in July, TomTom was reported to be analyzing their current situation in wearable market after the persistent decline in their sales and profit graph, after the company’s Q2 earning report came out. Now, TomTom has announced that it’s laying off 136 employees in order to shift focus away from wearables and towards its focused production GPS and navigation products.
The company’s CEO Harold Goddijin one one occasion stated, “We are not satisfied with the progress we are making (in sports).”, which means that TomTom would not be carrying out future endeavors in that area. The company further issued the statement following their decision that, “reconfirmed its strategy to build on its leading position in navigation technologies and to provide location content, software, and services to business customers.”
Previously, TomTom has been associated with a number of A-list companies such as Uber, Microsoft, Cisco, and Baidu, each of which depends upon TomTom for maps, location data, and traffic monitoring.
Despite of all this fiasco, the company is still holding up to their production line. TomTom has noted that it would “continue to sell consumer sports products, and support its Sports customers.”