Strong Demand for Fitness Wearables Propels Garmin's Q1 Revenue

Krissy Vann | Host, All Things Fitness and Wellness

Garmin Ltd. has released its financial results for the first quarter of 2024, demonstrating significant growth, particularly in its fitness and wearables sectors. The company's consolidated revenue reached $1.38 billion, reflecting a 20% increase from the same period in the previous year, driven by strong consumer demand for its products.

Revenue from the fitness segment saw a notable increase of 40%, largely due to the sales of advanced wearables. Among the new releases this quarter was the Forerunner® 165 Series, an affordably priced running smartwatch featuring an AMOLED display and various health, fitness, and connectivity features. This product release aligns with Garmin’s strategy to offer value-packed options to its customers.

Additionally, Garmin published the latest edition of the Garmin Health Research Glimpse, which focused on sleep research initiatives. This publication highlights the company’s ongoing efforts to contribute to wellness research by leveraging data collected through its smartwatches and fitness trackers.

Garmin’s robust performance in this quarter underscores its strong position in the fitness and wearables market and sets a foundation for continued growth throughout the year. As the company progresses with its product innovation and market expansion, it remains a significant player in the technology sector.

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