Fitness Segment Drives Garmin's Revenue Growth in Q3
Garmin's consolidated revenue increased by 12% year-over-year in the third quarter, reaching $1.770 billion, compared to $1.586 billion in the same period last year.
The Fitness segment, which includes cycling products, saw a significant increase of 30%, from $464 million to $601 million, driven by demand for advanced wearables.
- The company launched new cycling computers, the Edge 550 and 850.
- Garmin introduced coaching plans and cycling metrics to the Edge lineup.
"Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products," said Cliff Pemble, Garmin president and CEO.
Based on the first three quarters, Garmin updated its full-year revenue guidance to approximately $7.10 billion. Net income for the quarter increased slightly from $399 million to $402 million.
Author's summary: Garmin's Q3 revenue boosted by Fitness segment growth.
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