Fitness Boosts Garmin’s Revenue to $1.19B

Garmin reported $1.19 billion in third-quarter revenue Wednesday — with net sales for its fitness segment growing 4% to more than $342 million.

During the first three quarters of 2021, the company’s net fitness sales increased 26% from the same period last year.

Known for its GPS devices, Garmin is making strides with activity trackers and sports watches, too. The company said the increase in fitness sales was “driven by solid demand for our cycling and advanced wearable products.” The global wearable technology market is estimated to be worth $47.89 billion.

Garmin’s outdoor segment fell 3% to $324 million during the quarter. In that time, it launched the Approach R10, the company’s first portable golf launch monitor, designed to help golfers by showing metrics in real time.

• Garmin’s fitness and outdoor segments accounted for 55.5% of its revenue back in Q2.
• The company recently announced a collaboration with Dexcom to provide people with Type 1 and Type 2 diabetes access to their glucose levels on Garmin smartwatches, as wearables become more entrenched in health spaces.

Garmin increased its 2021 full-year guidance to $4.95 billion in revenue.