FX.co ★ Garmin Gains 11% Over Increase In Q1 Profit

Shares of Garmin Ltd. (GRMN) have soared over 11 percent following the announcement of their first-quarter earnings. The company posted a robust profit of $275.96 million, or $1.43 per share, demonstrating significant growth from the $202.33 million, or $1.05 per share, reported in the same period last year.

When adjusting for various factors, the company's profit totalled $274.04 million or $1.42 per share. This figure surpasses the analysts' forecast of $1.01 per share, highlighting the company's strong performance.

Furthermore, Garmin's revenue shot up to $1.38 billion, an appreciable increase from $1.15 billion recorded the previous year.

Currently, Garmin's shares are experiencing a surge of 11.30 percent, reaching $160.99 from the previous market close of $144.47 on the New York Stock Exchange. Over the past year, the shares have fluctuated between $96.04 and $161.99.