Garmin to Focus on Advanced Wearables, After Q2 Basic Tracker Sales Sink 15%
Garmin’s fitness and automotive segments each had 15 percent sales declines in Q2, offsetting gains in the outdoor and aviation units, it reported. Revenue grew 1 percent to $817 million on a 46 percent jump in outdoor to $195 million…
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-- led by the fenix 5 watch -- and a 15 percent year-on-year increase in aviation to $124 million. CEO Cliff Pemble said the drop in the fitness segment was driven by the sagging activity tracker category due to the “general decline of the basic activity tracker market.” The company is focused on growth opportunities in "advanced wearable devices,” Pemble said. The company raised full-year revenue guidance from $3.02 billion to $3.04 billion. Shares closed up Wednesday 4.4 percent to $52.22.