TomTom is distancing itself from the sports wearable market that is dominated by competitors such as Apple, Fitbit and Garmin, citing weaker-than-expected sales.
In the company’s most recent quarterly earnings report, TomTom, which makes the Spark3 smartwatch and Touch fitness tracker, reported a 20 percent year-over-year decline in consumer revenue, citing a decline in demand for fitness wearables.
“The wearables market has fallen short of expectations,” TomTom CEO Harold Goddijn said on a call this week with analysts. “Because of this and because we want to focus on Autonomos licensing and Telematics businesses we are reviewing strategic options for our sports business.