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Company News

BUZZ-Garmin Ltd: Q2 results beat, raises FY17 revenue forecast

** GPS- based gadgets maker’s shares up as much as 5.56 pct at $52.77; biggest intraday pct gain in more than 5-months

** GRMN reports better-than-expected Q2 profit, helped by its outdoor products sales, especially Fenix 5 series of watches

** “Garmin’s outdoor segment strength is a clear indicator Apple Watch will not take all smartwatches to zero,” Joseph Wittine, an analyst at Longbow Research told Reuters

** Company also raises full-year revenue forecast to $3.04 bln from $3.02 bln

** Up to Tuesday’s close, stock had fallen 10.3 pct in the past 12 months

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