Garmin shares were down more than 20% yesterday after the company cut its profit and revenue forecasts for 2008 and delayed the launch of its nüvifone smartphone.
That said, the company had another quarter of growth despite what it called “challenging macro-economic conditions.” The company reported total Q2 revenue of $912 million, up 23% from $742 million in the second quarter a year ago.
As for the nüvifone, the company said it will not be available in Q4 as previously announced. “While we had hoped to have carrier launches in the fourth quarter, we have found that meeting some of the carrier-specific requirements will take longer than anticipated,” the company said. It now anticipates launching the product during the first half of 2009.
Garmin first publicly displayed the nüvifone at February’s Mobile World Congress in Barcelona. The company called it a “one-of-a-kind” touchscreen device that converges the cell phone, personal navigator and Web browser. It’s quad-band GSM with UMTS, designed for HSDPA. It also includes Wi-Fi and Bluetooth.