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Official Garmin revenue figures for the quarter have been published and show strong growth compared to the same quarter last year with all sectors gaining apart from automotive. The Fitness and Marine sectors show particularly big increases, although the Fitness figures include TACX.
Don’t expect this to continue for the rest of the year. Indeed Garmin has withdrawn their guidance to investors for the remainder of the year due to the obvious current uncertainties.
Garmin competitors shouldn’t get too excited though about any imminent demise. Garmin has something like $2bn (billion) of cash sitting in the bank for a very rainy day. It’s raining hard right now.
Elsewhere, Spotify figures were very recently published too and also showed growth. Perhaps Garmin’s Q1 growth is more unexpected than that from Spotify?