In wake of Google Navigation announcement, Garmin stock price takes detour to hell…
And so it begins…To all of those who thought that Google Navigation either wouldn’t impact the mobile GPS market or would take some time to impact the market, I give you exhibit A above. Traditional GPS makers start to see the cold hard truth. So let’s all ask Garmin: How does it feel to see a billion dollars worth of market cap evaporate since this mornings meeting?
One thing to keep in mind, as @zpower points out, Garmin has several other very large, very profitable divisions. Strictly considering the consumer division however foreshadows to an epic headache for TomTom, Navigon, etc.
This stock slump will probably rebound for the most part within the next couple of days. But it sure is interesting that it took a nosedive so fast and signals that Google just one upped everybody.
IntoMobile > @zpower
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