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Dip in Garmin’s Fitness Segment Leads to $1.24B Quarter

  • Fitness saw revenue reach $272 million compared to $413 million in Q2 2021.
  • It projects to generate $5 billion in revenue in FY2022.
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Garmin, which experienced a 34% drop year-over-year in its fitness segment, failed to meet expectations with its latest earnings report.

The Kansas-based company generated $1.24 billion in revenue in Q2 2022, a 6% decline year-over-year, failing to meet Wall Street estimates of $1.34 billion in revenue for the quarter. 

Several of Garmin’s business segments took a hit during the quarter that ended June 25. 

  • Fitness saw revenue reach $272 million compared to $413 million in Q2 2021.
  • Auto sales fell by 6% during the quarter to $139.29 million.
  • Its marine segment reported $242.79 million in revenue, a 7% decline year-over-year. 

Known for its GPS devices, Garmin saw two business segments report growth in Q2. The company’s outdoor segment generated $381.92 million in revenue, an 18% increase year-over-year, while its aviation segment grew by 13% to $204.74 million during the quarter. 

As a result of the lukewarm second quarter, Garmin downgraded its full-year revenue outlook. It projects to generate $5 billion in revenue in FY2022, down from an estimated $5.5 billion. 

Sports Watches 

Garmin has prioritized its line of sports watches in FY2022. In January, the company announced “sweeping updates” to its flagship multisport fēnix smartwatch series.

Its latest fēnix 7 Series watches — which retail between $699 and $999 — feature touchscreens, new training features, solar charging, and protective button guards. The products also offer 24/7 health and wellness tools including Body Battery, Fitness Age, and Sleep Score.

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What to Read


Garmin’s Record Quarter Boosted By Sports Watches

Despite Garmin reporting a record $1.17 billion in first-quarter revenue, revenue for the company's fitness segment dropped 28%.

Garmin Pockets $5B in 2021, Projects Double-Digit Growth

Garmin exceeded expectations with its latest earnings report, projecting double-digit growth in the financial year ahead driven by the company’s fitness segment.

Garmin Reports Last Year’s Top Fitness Activities

Garmin’s 2021 connected fitness report has provided insight into how consumers have stayed active amid a global pandemic.

Fitness Segment Boosts Garmin’s Revenue to $1.19B

Garmin reported third-quarter earnings on Wednesday, recording a 7% year-over-year increase in revenue to $1.19 billion.
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