Garmin Beats Estimates, drops outlook but Nuvifone on track for 2009
Garmin’s third quarter earnings of 87 cents a share on revenue of $870 million topped Wall Street expectations of 83 cents a share on revenue of $858 million. That’s the good news, along with the location-enabled phone now on target for its delayed launch.
As for earnings, for 2008, Garmin is projecting of $3.78 a share on revenue of $3.6 billion dropping from Wall Street’s expectations of $4.13 a share on revenue of $3.9 billion.
The longer the Nuvifone takes to get to market the longer Apple’s iphone and the various Android and RIM solutions have to get out the kinks and corral developers.