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TomTom Reports Unexpected Quarterly Loss on Sales Decline

TomTom NV, Europe’s largest maker of portable navigation devices, reported an unexpected first-quarter loss after it took a charge for a software bug and as sales to carmakers dropped.

The net loss was 1.5 million euros ($2 million) compared with profit of 10.6 million euros a year earlier, Amsterdam-based TomTom said today in a statement. Analysts surveyed by Bloomberg this month after the software fault was announced estimated profit of 450,000 euros. Sales fell 12 percent to 233 million euros.