Revenue plunged 20% to €126.3 million ($145.4 million) from €157.2 million in the second quarter in TOM2’s Consumer segment, which includes its fitness watch and wearable products. With future sales projections looking dismal, TomTom wrote down the entire goodwill of the Consumer segment of €169 million in the quarter. The company said it is reviewing strategic options for its sports business, and will focus on growing its Automotive, Licensing and Telematics segments going forward.

The smartwatch and fitness wearables market has been very competitive with the largest three players—Apple, Xiaomi and Fitbit—divying up 42% of the market last quarter, and a ... Log in to view full article.