Core Viewpoint - Garmin reported strong third-quarter earnings with a 12% year-over-year revenue increase, but the stock fell by 9.1% due to lower-than-expected growth compared to previous quarters and high investor expectations [1][2][7]. Financial Performance - Revenue increased by 12% year-over-year, with the fitness segment seeing a significant 30% growth [2]. - The company generated $425 million in free cash flow and paid out $173 million in dividends, ending the quarter with approximately $3.9 billion in cash and equivalents [4]. Market Reaction - Despite strong earnings and an increase in profit guidance for the year, the stock's decline reflects investor disappointment over the slower revenue growth compared to a 20% increase in Q2 [2][7]. - Garmin's forward price-to-earnings (P/E) ratio reached a three-year high of about 32, indicating that the stock may have been overvalued prior to the correction [3]. Investment Opportunity - The current drop in stock price is viewed as a potential buying opportunity for investors, given the company's solid financial position and growth prospects [5].