UPDATE: Garmin Posts Upbeat Q2 Earnings

Garmin GRMN reported a 7.2% drop in its second-quarter earnings. Garmin's quarterly profit fell to $172.5 million, or $0.88 per share, from $185.9 million, or $0.95 per share, in the year-ago period. Excluding one-time items, its earnings declined to $0.76 per share from $0.98 per share. Its revenue dropped 3% to $696.6 million. However, analysts were expecting earnings of $0.65 per share on revenue of $666 million. Its gross margin shrank to 55.1% from 58.7%. Garmin shares gained 6.15% to $39.55 in pre-market trading.