Garmin warns that its annual revenues will be more likely around $2.8 billion, down from a previous projection of $2.9 billion, with sales in its fitness and outdoor segment coming out weaker than previously expected. Fitness should grow by 15 percent and outdoor should be down by 4 percent. For the third quarter ended Sept. 26, the new guidance calls for a sales increase of 23 percent in fitness, due to currency headwinds and pricing pressure in the segment that have also affected the gross margin.

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