UPDATE: Garmin Reports Downbeat Q2 Profit; Shares Tumble In Pre-Market

Garmin Ltd GRMN reported a 19% drop in its second-quarter earnings. Garmin reported its quarterly profit at $109.5 million, or $0.56 per share, down from $134.8 million, or $0.67 per share, in the year-ago period. Excluding items, Garmin's earnings came in at $0.63 per share. Its revenue declined 7.5% to $674 million. However, analysts were expecting earnings of $0.68 per share on revenue of $637 million. Garmin also lowered its full-year earnings forecast to $2 to $2.15 per share, but it lifted its revenue forecast to $2.5 billion to $2.6 billion, from $2.25 billion to $2.5 billion. Garmin shares dipped 14.37% to $27.00 in pre-market trading.