Garmin's decision to go big on wearables has paid off after its latest quarterly earnings report revealed that revenue rose 10% to $860.8 million, as shares in the company continue to climb.
During December, Garmin posted a profit of $136.6 million, up from $132.4 million on the previous year. The company is also expecting to have a good 2017, forecasting a revenue of $3.02 billion. That's a whole lot of cash. That won't be all wearables of course, but it's clearly playing its part.
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Garmin continues to see strong growth in sales in the outdoor, fitness, marine and aviation aspects of the business with wearables said to be helping to drive growth in outdoor and fitness.
In 2016, Garmin made a big wearable push on all fronts breaking out a host of new Forerunner running watches including the Forerunner 235, the first running watch to include its own Elevate heart rate technology. It also delivered our Fitness Tracker of the Year, the Vivosmart HR+ as we saw a move to more stylish, fashion-conscious devices like the Garmin Vivomove and the Fenix Chronos.
We've already got the new Fenix 5, Fenix 5X and Fenix 5S outdoor watches to look forward to, which are launching in the coming months and we're sure Garmin has got more up its sleeve to show us before the end of the year.
It's a rare bit of financial good news from the past few months. Like Garmin, Fitbit is set to announce its earnings report this week and it has been suggested that the figures won't make for good reading, contrary to reports that sales of Fitbit trackers were strong over the holiday season last year.