Logitech reported a 22% drop in quarterly revenue

Logitech reported a 22% drop in quarterly revenue. The company expects the 12-month reporting period to be characterized by a decline in revenue of 13 or 15%

One of the major makers of computer peripherals, Logitech International, reported its results for the third fiscal quarter (ended December 31) this week, recording a 22% decline in revenue on a year-over-year basis to $1.27 billion. dollar, which corresponds to his own expectations. Component supply problems in the last quarter were due to a blockade in China, and demand for Logitech's products remained low after a long period of growth.

It is known that during the pandemic, the demand for not only mice and keyboards, but also for video conferencing devices and headsets has increased sharply. As the telecommuting supply declined, so did Logitech's revenue, which fell proportionately. On an annual basis, operating profit decreased by 32% to 204 million USD. dollar. Demand for Logitech products has declined in both the consumer and enterprise segments, the company said. Customers are saving money amid rising inflation and global uncertainty.

Logitech's fiscal year ends in March this year. The company maintained its existing forecast for the end of the year. She expects the 12-month reporting period to be characterized by a decline in revenues of 13 or 15%, and operating profit not to exceed 550-660 million USD. dollar. In the last quarter, the situation was complicated by the production lockout in China, which limited the volume of components for Logitech.