Google released new software on it's Android mobile platform, sending share of GPS manufacturers plunging. The new sofware enables mobile phones to be used as GPS navigation devices.
GRMN's Q4 profit decreased from $307 million ($1.39 per share) 1 year ago to $157.8 million (78 cents per share). Revenue fell 14% to $1.05 billion.
Battered by rising fuel prices and an economic downturn in the United States, GRMN's automobile and aviation segments struggled during the second quarter. GRMN reported net income of $256.1MM or $1.19 per share, up 19.4% from the year-prior quarter. Excluding a bump from favorable exchange rates, the company, earned 93 cents per share. Revenue increased by 22.8% to $911MM. According to Thomson financial, analysts had expected earnings of $1.0 per share and revenue of $956.4 million. Moreover, the company lowered its full year guidance from $4.40 to $4.13.
Garmin announces a partnership with Ford. Several Ford models will come with an option to install a Garmin system, beginning in the fall.
GRMN's $3.3B bid to challenge TomTom's bid for TeleAtlas is causing worries that a bidding war is about to start.
Nokia bought Navteq. Now Nokia may charge more for maps or compete heavily in GPS market, both bad for GRMN