Garmin Reports Higher 2Q Profits, Delays Nuvifone

By: Associated Press
By: Associated Press

KANSAS CITY, Mo. (AP) _ Kansas-based Garmin Limited shares dropped Wednesday after the navigational device maker reported its second-quarter earnings missed Wall Street expectations.

Garmin also forecast limited growth for the rest of the year and said it was delaying its entrance into the cell phone market.

Shares were down nearly 18 percent in midday trading, well below the previous 52-week trading low.

The Cayman Islands-based company has its headquarters in Olathe.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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