Logitech Registers 17% Revenue Decline In Q3 As Macro Challenges Weigh; Reiterates Cautious Outlook

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.

Earnings Calendar