Smartwatches drive 'remarkable growth' for Garmin as company nets $1.4 billion

Garmin hits all-time high stock price in record year

Image for Smartwatches drive 'remarkable growth' for Garmin as company nets $1.4 billion
(Image credit: Future)

Strong demand for smartwatches helped drive a record year for Garmin in 2024, with the company witnessing “remarkable growth”, according to new financial statements.

Garmin recorded its best ever consolidated revenue of $6.3 billion (£5 billion) last year, a 20% increase on 2023’s results. After sales, administrative, and tax costs, this worked out to a net income of $1.4 billion (£1.1 billion).

Thank you for reading 20 articles this month* Join now for unlimited access

Enjoy your first month for just £1 / $1 / €1

*Read 5 free articles per month without a subscription

Join now for unlimited access

Try first month for just £1 / $1 / €1

Tom Davidson
Senior News and Features Writer

Tom joined Cycling Weekly as a news and features writer in the summer of 2022, having previously contributed as a freelancer. He is fluent in French and Spanish, and holds a master's degree in International Journalism, which he passed with distinction. Since 2020, he has been the host of The TT Podcast, offering race analysis and rider interviews.

An enthusiastic cyclist himself, Tom likes it most when the road goes uphill, and actively seeks out double-figure gradients on his rides. His best result is 28th in a hill-climb competition, albeit out of 40 entrants.

You must confirm your public display name before commenting

Please logout and then login again, you will then be prompted to enter your display name.