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With the announcement that Google Inc. will be developing its own Google Maps-based turn-by-turn navigation application for its Android 2.0 mobile operating system, the stock of GPS hardware companies have taken a tumble. including that of TomTom NV, which has its U.S. headquarters in Concord.
While the first and so far only phone to use the new app won’t be out until Nov. 6 — the new Motorola Droid from Verizon Wireless — Google (Nasdaq: GOOG) has said it will be available for any future phone using Android 2.0 and would be developing the app for other operating systems as well.
In trading today, TomTom, (AMS: TOM2) which has its world headquarters in the Netherlands, saw its stock drop from $10.24 to $8.11, a decline of more than 20 percent. In addition to the competition from Google, TomTom didn’t help its stock with a report today that its net income for the third quarter was down by 47 percent from Q3 2008.
Another GPS device maker, Garmin Ltd. saw its stock fall more than 16 percent yesterday. A third major GPS maker, Magellan, is privately held.
In March, Microsoft Corp. and TomTom settled dueling patent infringement litigation originally initiated by Microsoft last month. The cases, which include patent infringement lawsuits brought by Microsoft before the U.S. District Court in Washington state and the International Trade Commission, and a countersuit by TomTom, were settled through a patent agreement between the parties.
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