Cycling products “back to normal levels” says Garmin president, as tech brand’s fitness division reports 71 percent profit drop

Garmin, one of the leading manufacturers of GPS computers for sports tracking and cycling, has reported a 71 percent fall in operating profit across its cycling and fitness division in 2022, which the US tech brand’s president says is a result of the ‘normalisation’ of the cycling industry in the wake of the Covid-19 pandemic.

Revenue for the fitness division also fell by 28 percent from $1.5 billion to $1.1 billion for 2022. “In fitness we saw the indoor cycling area and bike trainer market has normalised after the pandemic, we saw cycling products coming back to their normal levels, which we feel is very healthy,” Pemble said.

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