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Garmin moves into top 10 of app revenue

by GPS4US 2013-08-28 17:36

Garmin surprised many in the financial world recently by taking over the No. 9 spot in the list of non-game app revenue generators for July.

Forbes reports the news, adding that Garmin’s stock has gone from $33 to $40 per share.

“What is interesting about Garmin’s strong July performance is that this was the month when the company slashed the price of its navigation apps in a promotional campaign,” Forbes said in an article. “Apparently the price cuts resulted in a sharp revenue increase, demonstrating that Garmin may have substantial sales upside as it adjusts the pricing of its software.

Garmin competitor TomTom also saw a surge, with stock prices increasing 50 percent since spring. These increases go against popular wisdom that the two GPS giants would suffer mightily against the competition of Apple Maps and Google Maps for smartphones. However, Garmin countered smartly, adding terrain and obstacle awareness to its Garmin Pilot app.

 

Garmin has had a busy summer, releasing the DC 50 dog collar, the Garmin Head-Up Display and, last week, announcing the new Garmin VIRB action camera.

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