International Logitech announced its financial results, and as expected, things didn’t go so well for them as for the rest of the industry that depends on the PC business. The company revealed that it charges $1.16 billion sales, which represents 12% less compared to the first quarter of the year, while the operating result was $115 millionwhich represents a significant reduction 43% compared to the same period last year.
The company’s shares were also devalued by 44%, costing each share $0.61 compared to the $1.09 they cost in the second quarter of 2021. Added to this is an announcement of “spending cuts“, so it is not known whether there will be any layoffs in the company.
“While macroeconomic challenges impacted our results this quarter, I am encouraged by continued growth in video collaboration, keyboards and combos, and pointing devices as hybrid and return-to-work trends continue to emerge” , said Bracken Darrell. , Chairman and CEO of Logitech.
“This quarter, we demonstrated our operational focus in the face of challenging conditions, and thanks to the exceptional growth of the past two years. Although we are reducing our expenses given the current environment, our strong innovation engine, coupled to age-old growth trends – hybrid working, video everywhere, gaming and digital content creation – positions us well for the future.”
If we dig deeper into the information, the company that made the most money for the business was video gamewith $282,806 in revenue, representing a decrease of 16% compared to the same period in 2021. The Top 3 is closed by the division of Video collaboration with $246,252 (+5%) and Keyboards and combos with $227,720 (+4%). The biggest drop was presented by his company of webcam (-46%) and that of Audio and Laptops (-40%).
Given the current difficult conditions, Logitech has lowered its outlook for fiscal year 2023 to sales growth between 4 and 8 percentand between $650 million and $750 million of non-GAAP operating income.