Logitech quarterly sales fall 20%, cuts outlook for 2023

Might 3 (Reuters) – Logitech Worldwide (LOGN.S) reported a 20% drop in gross sales for its fourth quarter on Tuesday, as the pc mice, webcam and keyboard maker lapped excessive comparables from a 12 months earlier.

Gross sales fell to $1.23 billion for the three months to the tip of March from $1.54 billion a 12 months earlier, when gross sales have been massively boosted by folks shopping for peripherals to equip their house places of work in the course of the COVID-19 pandemic.

Logitech additionally decreased its fiscal 12 months 2023 outlook, eradicating the estimate of annual gross sales and income that will have been generated in Ukraine and Russia.

The corporate now expects gross sales progress in fixed forex to be between 2% and 4%, and non-GAAP working revenue to be between $875 million and $925 million in fiscal 12 months 2023.

The Swiss American firm stated GAAP working revenue fell 56% to $129 million within the quarter, from $295 million a 12 months earlier.

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Reporting by John Revill in Zurich and Rhea Binoy in Bengaluru; Enhancing by Subhranshu Sahu and Uttaresh.V

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