Logitech reported a 22% decline in fourth-quarter sales on Tuesday as growing concerns over an economic slowdown continue to dissuade the computer peripheral maker from maintaining the growth seen during the pandemic.
The Swiss company said its sales for the three months ending in March fell to $960 million from $1.23 billion in the same period a year earlier.
“We proactively control expenses to align our operating costs with declining revenues,” said Charles Boynton, Chief Financial Officer of Logitech, adding that the company is reaffirming its outlook for the first half of this fiscal year.
Credit Suisse downgraded its March recommendation for Logitech to “neutral” from “outperform,” citing “no growth during the holiday quarter” due to tough interest rates and a lack of short-term catalysts.
The maker of mice, keyboards and video conferencing equipment said its operating profit fell 47% to $82 million for the quarter.
Source: Terra
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