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Garmin Cuts '08 Outlook on Weak GPS Devices Sales
Garmin, maker of GPS and navigation devices, slashed its profit and revenue forecasts for 2008, citing slow growth in the personal navigation devices (PND) market, and delayed the launch of its smart phone. Garmin, which dominates the GPS and personal navigation device market along with Dutch rival TomTom, has not been growing as fast as it expected and said consumers are being more cost-conscious than ever.<br/> - (Reuters) - Garmin Ltd. slashed its profit and revenue forecasts for 2008, hurt by slower
growth in the personal navigation devices (PND) market, and delayed the
launch of its smartphone, sending its shares down 13 percent.
It also reported weak second-quarter results.
The biggest U.S. maker of ...<br style="clear: both;"/>
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