Why Garmin Stock Reached an All-Time High Today
Garmin (NYSE: GRMN) stock was soaring on Wednesday after the company shocked investors with a standout quarterly report. Just nine months ago, management at the company that designs and sells GPS-enabled navigation and recreation devices said to expect about a 10% increase in 2024 revenue compared to last year.
Now, after another strong quarter, Garmin said sales should be more than 17% higher this year. And that's not the only reason the stock was soaring by 23.7% as of 11:40 a.m. ET. With today's surge, Garmin shares have risen by 60% year to date.
Garmin boosted sales in each of its five segments in Q3. New outdoor adventure products like its Fenix 8 and Enduro 3 were launched in the third quarter, helping boost sales in the outdoor segment. Year-over-year revenue for each segment increased as follows:
Source Fool.com
