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

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com July 25, Logitech today announced its financial results for the first quarter of fiscal year 2024 (April to June 2023). First-quarter sales were $974 million (CTOnews.com Note: currently about RMB 7.003 billion), down 16 per cent in dollar terms and 15 per cent at fixed exchange rates compared with the previous year (year on year).

In addition, GAAP's revenue was $78 million, down 32 per cent from a year earlier. Non-GAAP revenue was $109 million, down 25 per cent from a year earlier. GAAP earnings per share (EPS) was $0.39, down 36 per cent from a year earlier. Non-GAAP earnings per share were 65 cents, down 12 percent from a year earlier.

Logitech's operating cash flow in the first quarter of fiscal 2024 was $240 million (currently about 1.726 billion yuan), an increase of $275 million over the previous year. The cash balance at the end of the quarter was $1.25 billion (currently about 8.988 billion yuan).

Guy Gecht, interim chief executive of Logitech, said: "although the market is still full of challenges, I am proud of the team's achievements in the first quarter. Our experienced high-quality team, design-led engineering technology and strong execution really make us different."

Charles Boynton, Logitech's chief financial officer, said: "the solid performance in the first quarter highlighted the steady progress of many key indicators. We reduced inventory and operating expenses in another quarter, while continuing to drive strong cash flow, further strengthening our balance sheet. At the end of a quarter, we are pleased to provide a full-year and updated outlook for the first half of the year."

Logitech raised its forecast for the first half of 2024, with expected sales between $1.875 billion and $1.975 billion, a year-on-year decline of 14% between $180 million and $220 million, and a year-on-year decline of 27%. Annual sales in fiscal year 2024 are expected to be between $3.8 billion and $4 billion, down 12%, 16%, and 15%, respectively, from $400 million to $500 million, or 15%, 32%.

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