Deals
Garmin Surges to 11-Year High as Smartwatches Are ‘on Fire’
- Earnings and revenue top highest estimates for fourth quarter
- Competitors Fitbit and Fossil also get a lift from the report
A Garmin Fenix 3 smartwatch.
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
Garmin shares rallied 17 percent to their highest level in 11 years as demand for watches from outdoor enthusiasts helped fourth-quarter earnings beat the highest estimates.
“Their smart wearable business is on fire,” Tigress Financial Partners Chief Investment Officer Ivan Feinseth said in a phone interview. “They are becoming a leader in fitness wearables.”