Investing.com - Garmin (NYSE:GRMN) reported on Wednesday second quarter earnings that matched analysts' forecasts and revenue that fell short of expectations.
Garmin announced earnings per share of $1.44 on revenue of $1.24B. Analysts polled by Investing.com anticipated EPS of $1.44 on revenue of $1.34B.
Garmin shares are up 18% from the beginning of the year, still down 42.67% from its 52 week high of $178.80 set on August 31, 2021. They are outperforming the S&P 500 which is down 17.73% from the start of the year.
Garmin shares lost 7.77% in pre-market trade following the report.
Garmin follows other major Consumer Discretionary sector earnings this month
Garmin's report follows an earnings beat by Tesla on July 20, who reported EPS of $2.27 on revenue of $16.93B, compared to forecasts EPS of $1.81 on revenue of $16.54B.
Louis Vuitton ADR had beat expectations on Tuesday with second quarter EPS of $2.63 on revenue of $18.98B, compared to forecast for EPS of $2.59 on revenue of $18.36B.
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