Logitech International has reported second-quarter sales of $1.06 billion, down 8 percent from the same period a year ago.
However, the company raised its full-year outlook for Fiscal Year 2024, saying it is expecting $4.0 – $4.15 billion revenue as against the previous guidance of $3.8 – $4.0 billion.
Logitech, a well known PC accessories maker, also raised its financial outlook for the first half of fiscal 2024.
Switzerland -based Logitech said the sales decline in the second quarter was primarily due to lower demand for its gaming and video collaboration products. However, the company’s tablet accessories and headsets businesses continued to grow.
Logitech’s full-year outlook is based on the assumption that demand for its products will improve in the second half of the year. The company is also expecting to benefit from new product launches and the continued shift to hybrid work and learning.
Here is a breakdown of Logitech’s sales by product category in the second quarter of Fiscal Year 2024:
Gaming: $282.104 million
Keyboards & Combos: $194.914 million
Pointing Devices: $191.676 million
Video Collaboration: $152.389 million
Webcams: $88.222 million
Tablet Accessories: $63.677 million
Headsets: $44.411 million
Overall, Logitech’s results for the second quarter were mixed. The company’s sales declined, but it raised its full-year outlook. Investors will be watching closely to see if Logitech can meet its full-year guidance and if demand for its products improves in the second half of the year.
