Tuesday, March 28, 2023

Logitech suffers profit slump

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Logitech suffers profit slump in the holiday season

Two weeks after Logitech shocked investors with a profit warning in the important Christmas business, the computer accessories manufacturer is now presenting the definitive figures for the third quarter of 2022/23.

Published: 25 minutes ago

Sales at Logitech plunged 22 percent to $1.27 billion in September through December, the American-Swiss group announced on Tuesday. (archive image)

The bottom line is that net income has collapsed to $140.2 million. A year ago, the group had brought in a net profit of 210 million dollars. Sales in the months of September to December fell by 22 percent to $ 1.27 billion, as the American-Swiss group announced on Tuesday.

The appreciation of the dollar left its mark. At constant currencies, sales would have fallen by only 17 percent. Operating income (non-GAAP) fell 32 percent to $204.2 million.

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