Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 24 (Xinhua) Logitech, a maker of computer peripherals, released its results for the third quarter of fiscal 2023, with revenue of $1.27 billion (currently about 8.611 billion yuan), down 22% in dollar terms and 17% in fixed exchange rate terms compared with the third quarter of last year. This performance reflects a challenging macroeconomic environment.

GAAP's revenue fell 33% to $177 million, compared with $263 million in the same period last year. Non-GAAP revenue fell 32% to $204 million, compared with $302 million in the same period last year.

GAAP's earnings per share (EPS) fell 31% to 86 cents, compared with 24 cents in the same period last year. Non-GAAP earnings per share fell 26 per cent to $1.14, compared with $1.55 a year earlier.

The results show that Logitech's sales in all categories have declined in US dollars and fixed currencies. Compared with the third quarter of fiscal year 2022:

Game sales are down 16% and 10% respectively.

Video collaboration sales are down 21% and 16%, respectively

Sales of keyboards and combinations fell by 22% and 17%, respectively.

Sales of Pointing Devices (mice, etc.) fell by 14% and 8%, respectively.

Logitech said cash flow from operating activities was $280 million, bringing the cash balance to $1.04 billion (currently about 7.051 billion yuan). So far, the company has returned $486 million in cash to shareholders through annual dividend payments and share buybacks, including $90 million in the quarter.

Bracken Darrell, President and CEO of Logitech, said: "these quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as low business and consumer spending. Under the influence of these external disadvantages, we continue to actively manage our costs during the quarter while increasing market share in key categories. Our long-term strategy remains unchanged and remains committed to driving the growth trend of our business. "

Looking ahead, CTOnews.com learned that Logitech's forecast for fiscal year 2023 had been adjusted to a 15-13 per cent decline in sales at fixed exchange rates and non-GAAP revenue of $550 million-$600m.

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