Logitech Registers 17% Revenue Decline In Q3 As Macro Challenges Weigh; Reiterates Cautious Outlook

Anusuya Lahiri
1 min read
1
In this article:

  • Logitech International S.A. (NASDAQ: LOGI) reported third-quarter FY23 revenue of $1.27 billion, down 17% year-on-year at constant currency, below the consensus of $1.31 billion.

  • Category sales in Video Collaboration fell by 16%, and Pointing Devices decreased by 8% in CC.

  • Gaming sales decreased by 10%, and Keyboards & Combos sales declined by 17% in CC.

  • Non-GAAP gross margin contracted 270 bps to 37.9%.

  • Adjusted EPS of $1.14 missed the consensus of $1.18.

  • Logitech held $1.04 billion in cash and equivalents and generated $280 million in operating cash flow.

  • "These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending," CEO Bracken Darrell said.

  • Outlook: Logitech reaffirmed its FY23 revenue outlook of (15)% - (13)% versus the consensus of $4.70 billion.

  • Logitech reiterated its non-operating income outlook to $550 million - $600 million.

  • Price Action: LOGI shares closed higher by 3.04% at $57.54 on Monday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories