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Garmin finds deep hole in accounts

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Thursday, 7 May 2009, 12:06

NAVIGATIONAL GEAR MAKER Garmin has seen its profits fall by 67 per cent, which was worse than Wall Street thought it would be.

The profit slip means that the outfit's long-delayed entrance into the mobile market will be put on hold, with the Garmin-Asus Nuvifone to be released in the second half of this year instead of the first half.

CEO Min Kao told the AP that the impact of the overall economic malaise was made worse by retailers cutting their inventories. µ

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Damn..

As long as they have enough flow for Guiness, they're good to go.

posted by : Mat, 07 May 2009 Complain about this comment
It's their own fault

Have you seen their website? Business model? Have you ever tried to get any self-help from their site?

I am an engineer and I found it nearly impossible to research a marine electronics system on their site. Their marketing/web departments should be fired and replaced with competent people. Sure the website looks pretty, but it's useless.

Until I received my system (GPSMAP 4208 bundle with radar), I had no clue if I had managed to get everything ordered correctly. They really need to line-item EVERYTHING that will be included (including screws).

I think their tech support and engineers are doing more sales than the idiots in marketing because they are willing to respond to emails.

BTW, Garmin would do more business if it lowered the prices on their maps/charts. $500 for a limited map set isn't going to sell much. Make the charts the same price as paper charts and they will have a solid business model and loyal customer base who may be willing to spend MORE money, thus raising their profits.

posted by : Garmin User, 07 May 2009 Complain about this comment
Too expensive...

Yep. They are kidding themselves with their prices. The car gps market is quickly becoming commodity and now they are desperately trying to sell mp3 or video capabilities not gps.

But for example, it's over £350 by the time you've put a gps on a cycle with street maps. More than most pay for the bike.

The £100 quid or so you pay for the very basic model without maps (which is, of course, useless) shows that the hardware itself isn't expensive.

If they had reasonably priced products, I'd have probably bought at least 2 garmin products this year...but I simply cannot afford them.

posted by : Michael, 20 May 2009 Complain about this comment
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