Logitech: no unpleasant surprises in quarterly results
(CercleFinance.com) - Logitech's stock rose late on Tuesday morning as investors welcomed the lack of bad news in the final quarterly results published by the Swiss manufacturer of digital accessories.
At around 11.15am, the stock was up 1.4%, compared with a 0.3% rise for the SMIM, the Swiss mid-cap index.
Logitech reported last night that its Q3 operating profit ended to end-December fell by 32% to 204 million dollars.
The company's revenues fell 22% to 1.27 billion dollars, including a 17% drop at constant exchange rates, due to an economic environment described as "difficult".
The Swiss group explained that it had been penalised by the strength of the dollar, persistent inflationary pressures and a drop in consumer and business spending.
After the Covid crisis, and the teleworking boom, Logitech is now hungover, Stifel analysts said this morning.
The company has confirmed its 2022-23 forecasts, which it revised downwards at the beginning of the month.
The group is now expecting a 13% to 15% decline in FY sales to end-March, at constant exchange rates, for an operating profit, in non-GAAP standards, at 550-600 million dollars.
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