Garmin reports 71% profit fall in cycling and fitness business as pandemic bubble bursts

February 24, 2023

Leading US tech brand Garmin has reported a 71% drop in operating profit across its cycling and fitness division in 2022 as the pandemic bubble burst, the company’s annual report said.  Published on Wednesday, the company’s final report for the 2022 fiscal year shows that operating income was $105m from its fitness range, which includes GPS cycling computers, watches and indoor turbo trainers. This is a 71% year-on-year decrease compared with 2021, when the operating income for the same division was $359m. Revenue for the fitness division fell less dramatically by 28% to $1.1bn (£910m) in 2022 down from $1.5bn in 2021. Cycling Weekly