5 months ago-- From MacRumors' "Garmin Reacts to Apple Watch Ultra" quoting from Garmin's official Twitter account
-- From the MacRumors comment stream, channeling Apple:
My take: Grab the popcorn.
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What’s wrong with this comment? It’s comparing watches and wrist computers. Doh.
That quote sounds surprisingly similar to one made by Steve Ballmer (former MSFT CEO) way back in 2007.
With that quote Ballmer also said, “We like our strategy, we like it a lot”. In the following few years MSFT bought, then wrote off, Nokia, discontinued WinCE (after the only manufacturer using it – HTC – ceased production of smartphones), then discontinued its iPod competitor, the Zune.
Good-bye Mr. Ballmer. I liked your strategy as well. I liked it a lot.
Perhaps we may say Garmin’s market cap of $17.52B is only 55% of FYTD Apple Wearables revenue, or more comparable directly, Garmin’s entire TTM revenue is $5B, less than any Wearables single quarter since Q2 2020? And also, Garmin is a two trick pony, primarily based on GPS navigation products for industry and consumer, and smartwatches / nav devices.
Also, GRMN YTD is -33.3%, -47.5% 1 year. Except for dividend yield, by all other financial metrics, Garmin is not worth responding to, and I trust Apple won’t bother. ‘Nuff said.