Updated from 10:25 a.m. EDT
Garmin (GRMN Quote) lost ground Wednesday after the company missed analysts first-quarter earnings targets amid the worldwide economic downturn.
The Cayman Islands-based digital-navigation device maker posted net income of $147.8 million, or 67 cents a share, rising from $139.9 million, or 64 cents a share, in the year-ago quarter. Excluding items, Garmin said profit increased to 69 cents a share from 59 cents a year ago. Analysts, though, were looking for a profit of 75 cents a share, according to Thomson Financial.
Garmin's revenue for the first quarter jumped 35% to $664 million from the year-ago quarter, but was down 45.6% sequentially and also fell short of Wall Street's target of $705 million. Revenue from North America, Garmin's largest market, surged 27% to $411 million. ...
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