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Garmin sells its 100 millionth device, sees Q1 2012 revenues grow 10 percent year-over-year

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Garmin announced today that it has reached 100 million products sold over the course of the company's 23 years. Along with that milestone, the company announced its Q1 2012 financial results, highlighted by $557 million in revenue

Gallery Photo: Garmin 3500 nüvi GPS line and Android app photos
Gallery Photo: Garmin 3500 nüvi GPS line and Android app photos

Smartphones and their readily-accessible GPS connections have made the traditional GPS market a tenuous place to be — but Garmin's not going down without a fight. The company announced today that it has reached 100 million products sold over the course of the company's 23 years. Along with that milestone, the company announced its Q1 2012 financial results, highlighted by $557 million in revenue; this represents a 10 percent increase year-over-year All of Garmin's business segments and geographic locations contributed to this growth — most notably, fitness segment revenue increased 26 percent, and European revenues increased 16 percent. Still, despite the strong start to the year, Garmin's preaching caution: Dr. Min Kao, the companies CEO, said that "we remain cautious regarding the PND industry as much of our strength was related to global market share gains." As long as Garmin continues to focus on specific markets where its products offer benefits over a standard smartphone, we expect they'll continue to hang around for a bit longer, at least.