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Garmin Posts Steep Decline In 1Q Earnings
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DAVID TWIDDY
KANSAS CITY, Mo. (AP) — Navigational device maker Garmin Ltd. on Wednesday said first-quarter profits fell 67 percent, missing Wall Street expectations as the company dealt with slower consumer spending.
Company officials also said during a conference call that Garmin's long-delayed entrance into the cellular market was being pushed back again, with the company now expecting to begin selling its Garmin-Asus nuvifone in the second half of this year instead of the first half.
Shares fell almost 15 percent in trading Wednesday, dropping $3.83 to $21.83. ...
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