Garmin reports 71% profit fall in cycling and fitness business as pandemic bubble bursts

US manufacturer anticipates new products will revive fortunes in 2023

Image shows a cyclist using one of the best smartwatches for cycling
(Image credit: Future)

Leading US tech brand Garmin has reported a 71% drop in operating profit across its cycling and fitness division in 2022 as the pandemic bubble burst, the company's annual report said. 

Published on Wednesday, the company's final report for the 2022 fiscal year shows that operating income was $105m (£87m) from its fitness range, which includes GPS cycling computers, watches and indoor turbo trainers. 

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