Garmin’s Fitness Segment Revenue Soars in Q3
The tech company has raised its full-year guidance after a solid quarter that saw a demand for wearables
Garmin has raised its full-year 2024 guidance following a solid third quarter, which included consolidated revenue of $1.59 billion—a 24% increase compared to the prior-year quarter.
Notably, Garmin’s fitness segment revenue rose 31% in Q3 across all categories, driven by strong demand for wearables. The tech company hosted its annual Garmin Health Summit in Prague during the quarter and celebrated the 10th anniversary of Garmin Health, which has grown into a B2B solution for healthcare, clinical trials, insurance companies, gyms and fitness brands and corporate wellness.
The Garmin Health Summit underscored the tech company’s vision – where fitness trackers and smartwatches are more than just high-tech wearables, but a crucial component in healthcare and a tool that gathers important patient information.
In September, Garmin unveiled new updates to Garmin Coach, such as training plans for cyclists and announced upcoming new features, like race time prediction enhancements.
“We delivered another quarter of impressive financial results as our highly differentiated and innovative products resonate with customers, and we successfully leveraged growth opportunities across market segments and geographies,” Garmin president and CEO Cliff Pemble said. “We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.”
