- 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.
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