Categories AlphaGraphs, Earnings, Technology

Everything you need to know about Garmin’s (GRMN) Q1 2023 earnings

Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, reported lower revenues and proforma earnings for the first quarter of 2023.

Total revenues decreased 2% annually to $1.15 billion in the March quarter, mainly reflecting weakness in the Outdoor segment.

Unadjusted net income was $202.3 million or $1.05 per share in the first quarter, compared to $211.6 million, or $1.09 per share in the year-ago quarter. Pro forma earnings dropped 8% year-over-year to $1.02 per share.

Cliff Pemble, CEO of Garmin, said, “2023 is off to a good start with four of our five segments posting double-digit revenue growth driven by new product introductions and solid demand trends.”

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