Garmin Stock / GRMN Falls By 16 Percent Due To Google App and TomTom Stock
Upon hearing the news that Google is going to release the Maps Navigation app for Android 2.0 smartphones, and later this year or early 2010 for all platforms, Garmin’s stock took a dramatic fall of 16.4 percent from $37.78 to $31.59. This wasn’t the only reason to Garmin’s fall as the company was also affected by TomTom’s quarter report which showed a 15% drop in revenue, but a 48% raise in earnings compared to the same period from 2008.
The Garmin stock fell with $6.19, and experts believe that the company might suffer even further after the Motorola Droid smartphone with Google Maps Navigation app inside will be released by Verizon on November 6th. At the moment GRMN officials are holding back from making “extraordinary” comments because they are waiting for the 3rd quarter earnings report on November 4th.
Although Garmin entered the cellphone industry with the Nuvifone G60, the handset wasn’t a big hit and it will probably remain an obscure device.
The Google Maps Navigation is an app which can definitely replace a GPS device and you’ve seen the results on the navigation devices market. You can read all about Google’s new GPS app at our website right here, and stay tuned because we’re waiting for more information and we are curious how the stock will close tomorrow.
Garmin Nuvifone G60
- THIS POST WAS WRITTEN BY:
- Dragos Pirvu
This internet site is actually quite good, but for some reason it does not display properly when trying to view on my Nintendo Wii. If it helps, the console uses the Opera browser and am impelled to using the console for accessing the Net whilst my PC is away being repaired.