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Increasing demand of outdoor activity gadgets raises Garmin full year revenue forecast

Garmin Ltd reported a profit higher-than the predictions for the eighth-quarter, the sale of GPS-based outdoor activity gadgets such as underwater watches, leading to the rise in its whole year revenue forecast.

In Premarket trading, the company’s shares were increased 3.7 percent at $58.70 on Wednesday.

According to analysts, the company’s estimated average revenue is $3.04 billion, but Garmin said that it expects a revenue of $3.07 billion for the complete year.

Revenue rose 31.2 percent in the third quarter ended on Sept. 30 for the outdoor business, which makes devices such as Fenix watches.

Increasing demand of outdoor activity gadgets raises Garmin’s full year revenue forecast copy

The company predicts higher revenue for marine and aviation units in the same quarter which will compensate the  declines in its auto and fitness business.

The net income of the company was 66 cents per share or $125.1 million in an earlier year, which raised to 78 cents per share or $147.4 million, in the third quarter.

The earnings estimated by the analysts is 66 cents, but the company reported proforma earnings of 75 cents per share.

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