{"id":57754,"date":"2020-07-31T14:25:00","date_gmt":"2020-07-31T14:25:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2680166"},"modified":"2020-07-31T14:25:00","modified_gmt":"2020-07-31T14:25:00","slug":"garmins-q2-resilient-well-ahead-of-estimates-covid-19-fears","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/07\/31\/garmins-q2-resilient-well-ahead-of-estimates-covid-19-fears\/","title":{"rendered":"Garmin\u2019s Q2 resilient, well ahead of estimates, COVID-19 fears"},"content":{"rendered":"

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The company reported second quarter revenue of $869.97 million, down 9% from a year ago. Garmin’s fitness category sales were up 17%<\/p>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Garmin’s second quarter earnings and revenue were well ahead of expectations and highlighted how the COVID-19 pandemic did little to dent sales of its fitness trackers and smartwatches.<\/p>\n

The company didn’t mention its ransomware attack<\/a> in its earnings statement.<\/a><\/p>\n

In any case, Garmin’s earnings did the talking. The company reported second quarter revenue of $869.97 million, down 9% from a year ago. Garmin’s fitness category sales were up 17%. Earnings were 96 cents a share and 91 cents a share on a non-GAAP basis.<\/p>\n

Wall Street was expecting Garmin to report second quarter sales of $658.8 million with non-GAAP earnings of 39 cents a share.<\/p>\n

Garmin CEO Cliff Pemble said the company had a quarter with “unprecedented challenges,” but noted that “business conditions rapidly improved from April lows driven by popular fitness, marine, and outdoor products.”<\/p>\n

On Garmin’s site, the company said, “we are happy to report that many of the systems and services affected by the recent outage, including Garmin Connect, are returning to operation.”<\/p>\n