Today, the Logitech company announced its results for the first quarter of fiscal year 2023
Logitech International (here for more about the company) today announced its financial results for the first quarter of fiscal year 2023.
While macroeconomic challenges impacted our performance this quarter, I am encouraged by the continued growth of Video Collaboration, Keyboards & Combo and Pointing Device. Growth that makes them the new hybrid trends for returning to work,
he has declared Bracken Darrell, president and chief executive officer of Logitech. Who then added:
This quarter, we demonstrated our operational focus in the face of challenging conditions and in the wake of the exceptional growth of the past two years. Even if we will cut our spending given the current environment, our strong innovation engine coupled with centuries-old growth trends (hybrid work, video everywhere, games and digital content creation) will give us good chances for the future.
Details on Logitech results for the first quarter of fiscal year 2023
The sales were $ 1.16 billion, down 12% in US dollars and 9% in constant currency, compared with the first quarter of the previous year. This performance reflects a difficult macroeconomic environment for the sector and compares to a quarter that grew 66% last year in US dollars. Sales of the US dollar category are grew 4% in keyboards and combos. They were basically stable in pointing devices and I’m grew by 5% in video devices compared to the first quarter of the previous year. Sales in these constant currency categories grew by 7%, 3% and 7% respectively. Game sales fell 16% in US dollars and 13% in constant currency compared to the first quarter of the previous year.
Operating income GAAP decreased 43% to $ 115 million, compared to $ 203 million and a growth of 143% in the same quarter a year ago. Non-GAAP operating income decreased 38% to $ 146 million, from $ 235 million in the same quarter a year ago. GAAP earnings per share (EPS) decreased 44% to $ 0.61, up from $ 1.09 and up 160% in the same quarter a year ago. Non-GAAP EPS decreased 39% to $ 0.74, from $ 1.22 in the same quarter a year ago.
Plans for the future
Given the current difficult conditions, Logitech has reduced its outlook for fiscal year 2023 between negative sales growth of 8% and negative 4% in constant currency and between $ 650 million and $ 750 million in non-GAAP operating income. The Company’s previous outlook was sales growth of between 2 and 4% in constant currency and non-GAAP operating income of $ 875 million to $ 925 million.
Il Logitech board of directors approved an increase in the share repurchase authorization to $ 1.5 billion. That is expands the Company’s current three-year stock repurchase authorization by $ 1 billion. To date, the Company has repurchased approximately $ 697 million of stock in its current program. Subject to approval by the Swiss Takeover Board, the increase provides for a total authorization of approximately $ 800 million remaining for repurchases over the next 12 months of the program ending in July 2023.
Company details available online
Logitech has made the written submissions prepared for the financial results videoconference available online on the Logitech corporate website at http://ir.logitech.com.
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The Logitech article: Here are the first quarter results for fiscal year 2023 comes from TechGameWorld.com.