Garmin lifts annual profit outlook; outdoor unit weakness weighs on shares

A large replica of a fitness smartwatch from Garmin is on display the international consumer technology fair IFA in Berlin, Germany September 2, 2022. REUTERS/Lisi Niesner/File Photo

(Reuters) -GPS device maker Garmin on Wednesday raised its adjusted profit forecast for the year, but reported a rise in operating expenses and decline in quarterly revenue from its outdoor and auto units.

Shares of the company fell 10% in premarket trading following the results.