On Tuesday TomTom announced a sharp rise in its Q3 operating profit, supported by its automotive business.

Operating profit came in at €8.4m, exceeding the €2m expected by the market.

"Our automotive revenue grew thanks to the ramp-up of new vehicle lines," said CFO Taco Titulaer. TomTom therefore confirms its annual targets.

"Overall, although our model remains to be reviewed, TomTom's recovery momentum appears intact, and we expect the markets to react positively to today's results," AlphaValue said.

On the Amsterdam Stock Exchange, the stock rose more than 7% on Tuesday morning in the wake of this announcement.