Tag Archives: grmn

Fitbit giving Garmin fits in the fitness market

Fitbit (FIT) is proving to be a tough competitor for Garmin (GRMN) in the fitness tracker market. Garmin entered the market for health and activity trackers with high expectations, but its sales in the category slowed dramatically in the second quarter. On Wednesday, Garmin posted lower-than-expected Q2 earnings after issuing a warning about weaker results on July 16. Garmin earned 72 cents a share excluding items on sales of $774 million in the June quarter. On a year-over-year basis, earnings per share fell 29% and sales slipped 0.5%. Analysts polled by Thomson Reuters had expected Garmin to earn 78 cents a share ex items on sales of $771 million. Before the earnings warning, Wall Street was modeling Garmin to earn 91 cents a share. The company blamed lower profits on currency exchange issues and the “competitive environment in the fitness market.” Garmin CEO Cliff Pemble said the…

Fitbit, Apple Putting The Hurt On Garmin Wearables

Garmin (GRMN) stock took a tumble Thursday after the GPS device maker preannounced weaker-than-expected Q2 earnings, driven by challenges in its fitness device business and foreign exchange pressure. Garmin stock was down 7.5% in afternoon trading on the stock market today, near 43. Late Wednesday, Garmin said it expects to report Q2 revenue of $770 million to $775 million and earnings per share of 70 to 72 cents. The sales target is in line with

Fitbit surges as report shows fitness tracker market healthy

Despite the rise of smartwatches like the Apple Watch, fitness bands such as those from Fitbit (FIT) will continue to remain a big part of the wearable device market, market research firm Tractica said Monday. Fitness trackers from Fitbit, Garmin (GRMN), Jawbone and others make up the largest share of the wearables market today but will slip to second place behind smartwatches by the end of this year, Tractica said. Over the next several years, smartwatches will make up 45% of wearables, followed by 30% for fitness trackers. Wearable cameras, such as the GoPro (GPRO) Hero action camera, will come in third with 15% of shipments, followed by smart clothing and body sensors (6%), augmented reality glasses (2%) and other wearables (2%), Tractica said. “Despite the rise of smartwatches as the leading wearables category, the total market is much more diverse than smartwatches,” Tractica said in a press release…