Garmin posted some big revenue numbers last week — with its Q3 earnings up 24% year-on-year.
The fitness wearables giant saw big increases across all of its divisions, with fitness up 31% YOY and outdoor (which includes the all-new Garmin Fenix 8) also up 21%.
Garmin has been busy jazzing up its wearables with juicy AMOLED displays this year, and it’s been rewarded with some stunning revenue results.
Its revenue report name-checked the launch of the Fenix 8 with AMOLED in this quarter as a driver to reach $1.59 billion total revenue.
It’s some of its smaller segments, including marine and aviation that are driving big gains.
“We delivered another quarter of impressive financial results as our highly differentiated and innovative products resonate with customers, and we successfully leveraged growth opportunities across market segments and geographies,” Garmin president and CEO Cliff Pemble said.
“We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.”
Wareable says:
It’s great to see Garmin being rewarded — it’s been making consistently excellent devices.
There were pessimistic predictions about its fortune in the face of the Apple Watch, but runners and athletes have stuck with the brand, thanks to its advantages of battery life and advanced metrics.
The move to AMOLED has also meant that Garmin watches are no longer poor cousins to ‘proper’ smartwatches.
