Swiss-American computer accessories manufacturer Logitech expects lower sales and operating profit in fiscal year 2022/2023 than previously forecast. Currency-adjusted sales are expected to fall 13 to 15 percent and operating profit to be between $550 million and $600 million, the company said.
So far, the forecast was a revenue drop of four to eight percent and an operating profit of $650 to $750 million. In the third fiscal quarter, preliminary calculations show revenue was between $1.26 and $1.27 billion and operating profit was between $198 and $203 million.
Delivery problems due to Corona outbreak
In addition to the weaker-than-expected quarterly earnings, Logitech boss Bracken Darrell also blamed supply issues related to China’s recent Covid outbreak for the retracted outlook.
“We are disappointed with the preliminary results for the third quarter,” said Darrell. “They reflect difficult macroeconomic conditions, including a slowdown in sales to corporate customers this quarter.” The company continues its cost-cutting measures. Logitech remains convinced of the strategy and long-term trends that drive the company.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
