Garmin drops Outlook and Delays Nuvifone - Stock Hurt
Garmin announced today that they needed to lower their outlook for the rest of the year on sales and earnings, while also announcing that they are delaying their much touted Nuvifone. For me the Nuvifone represented their move into the connected device market; maybe they will still jump into that market with a Nuvi 900 series or something. They remain the only major manufacturer without an overt and major announcement on a connected GPS navigator.
The revenue outlook really killed them today as they announced an expected $3.9 billion in revenue, down from $4.5 billion that they previously talked about. Apparently, teh Nuvifone only accounted for about $100 million of that drop; the rest is just hard times for the economy slowing down the sales.
Their stock was down 22% today to $35.19, a long way off the 52-week high of $125.
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Posted by Scott Martin at July 30, 2008 8:32 PM
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