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Garmin revenue rises 7% in third quarter

October 27, 2021

Garmin Ltd. revenue increased 7% year-over-year, aided by a slight jump in fitness sales driven by cycling and wearable products. However, it’s the first earnings report since Q2 last year in which Garmin didn’t record double-digit revenue growth.

Total revenue for the quarter ending Sept. 25 was $1.19 billion, rising from $1.11 billion. Fitness revenue, which includes cycling products, grew 4%, from $328 million to $342 million. Net income dropped from $313 million in Q3 last year to $259 million. Earnings per share also went down, from $1.64 to $1.35 during the same period. Bicycle Retailer