Logitech International said sales fell 22 percent to $1.27 billion for the third quarter of Fiscal Year 2023 due to the challenging macroeconomic environment.
Gaming sales declined 16 percent to $391.97 million; Video Collaboration sales declined 21 percent to $226.37 million; Keyboards & Combos sales declined 22 percent to $220.05 million; Pointing Devices sales declined 14 percent to $199.10 million; Mobile Speakers sales fell 32 percent to $38.32 million; Audio and Wearable sales drop 34 percent to $69.10 million and Tablet and accessories sales drop 21 percent to $65.15 million. This reflects consumer purchasing concentrated in promotional weeks throughout the quarter, and lower enterprise and consumer spending.
Logitech said operating income declined 33 percent to $177 million, compared to $263 million in the same quarter a year ago.
“We continued to manage our costs in the quarter, while at the same time growing market share in key categories. Our long-term strategies remain unchanged and we remain committed to the growth trends that fuel our business,” said Bracken Darrell, Logitech president and chief executive officer.
Logitech is expecting 13-15 percent drop in sales, and between $550 million and $600 million in non-GAAP operating income for Fiscal Year 2023.
The Swiss-American maker of computer mice, keyboards and webcams has also been hit by difficulty in getting components for its factories in China, as cities shut down to tackle the resurgence of COVID-19 in the country.