Scalper1 News
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… Scalper1 News
Scalper1 News