5 Minutes Read
Logitech posts first positive quarter in over two years
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The maker of computer mice and keyboards said its sales increased by 5% in US dollars and constant currency to $1.01 billion during the three months to March.
Logitech International increased its sales during its fourth quarter, the computer peripherals maker said on Tuesday, snapping two-and-a-half years of sales downturns after a pandemic-driven boom.
The maker of computer mice and keyboards said its sales increased by 5% in US dollars and constant currency to $1.01 billion during the three months to March.
It was the first positive quarter reported by Logitech since October 2021. The Swiss-American company had been struggling in recent quarters, following an 80% sales surge during the COVID-19 years when people bought its products to work and play from home.
During the fourth quarter, Logitech’s non-GAAP operating profit soared 93% to $159 million.
For the full year to March, Logitech said its annual sales fell 5% in US dollars to $4.30 billion, better than its outlook for sales in the $4.2-$4.25 billion range.
Non-GAAP operating profit rose 19% to $699 million, the company said, better than its guidance for $610 million to $660 million.
Logitech is now aiming to increase its sales by 0%-2% in US dollars to $4.3-$4.4 billion over the next 12 months, while non-GAAP operating income is expected to be $685-$715 million.
Also Read: Apple’s iPad hit by European Union’s digital dominance crackdown
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
