(Reuters) - Garmin Ltd’s (GRMN.O) first-quarter profit came in below analysts’ average estimate as revenue from its core personal navigation devices business fell further.
Net profit rose to $88.7 million, or 45 cents per share, from $86.9 million, or 44 cents per share, a year earlier. Excluding items, the company earned 40 cents per share.
Revenue fell 4 percent to $532 million. Automotive/Mobile segment revenue decreased 10 percent to $253 million.
Analysts on average had expected earnings of 41 cents per share on revenue of $515.6 million, according to Thomson Reuters I/B/E/S.
Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty