September 28, 2022

Logitech Announces a 2% Drop in Quarterly Sales; increases prospects

Logitech mouse is placed on the keyboard in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. REUTERS/Dado Ruvic

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Jan 25 (Reuters) – Logitech International (LOGN.S) reported a 2% drop in third-quarter sales as the computer peripheral maker beat tough comparisons to a year earlier when the pandemic spurred demand for its products.

However, the maker of keyboards, mice and headsets raised its guidance for the current fiscal year to sales growth of between 2% and 5% in constant currency, and between $850 million and $900 million in operating profit not -GAAP.

He had previously forecast stable sales growth of plus or minus 5% and non-GAAP operating profit of $800 million to $850 million.

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For the third quarter, sales fell to $1.63 billion in the three months ending December 2021. The company had posted quarterly sales of $1.67 billion a year earlier, boosted by workers homemakers who bought more keyboards, mice and webcams.

The Swiss-American company, which first made and sold computer mice in the 1980s, said its non-GAAP operating profit fell 37% to $302 million in the quarter under review.

Late last year, the company said it was facing unprecedented problems obtaining parts to make its products, which also include headsets, video conferencing devices and wireless speakers. Read more

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Reporting by John Revill in Zurich and Nishit Jogi in Bangalore; Editing by Shailesh Kuber

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