Logitech quarterly sales fall 20%, cuts outlook for 2023

LOGITECH International reported a 20 per cent drop in sales for its fourth quarter on Tuesday (May 3), as the computer mice, webcam and keyboard maker lapped high comparables from a year earlier.

Sales fell to US$1.2 billion for the 3 months to the end of March from US$1.5 billion a year earlier, when sales were massively boosted by people buying peripherals to equip their home offices during the Covid-19 pandemic.

Logitech also reduced its fiscal year 2023 outlook, removing the estimate of annual sales and profits that would have been generated in Ukraine and Russia.

The company now expects sales growth in constant currency to be between 2 per cent and 4 per cent, and non-GAAP operating income to be between US$875 million and US$925 million in fiscal year 2023.

The Swiss American company said GAAP operating income fell 56 per cent to US$129 million in the quarter, from US$295 million a year earlier. REUTERS