Logitech International SA · Q1 2023 earnings

Briefing

Logitech's Q1 FY2023 results were announced, revealing a sales decrease due to macroeconomic challenges, while certain categories like Video Collaboration and Keyboards & Combos showed growth. The company updated its FY2023 outlook and expanded its share buyback authorization.

Logitech's Q1 FY2023 sales decreased by 12% in US dollars and 9% in constant currency, reflecting a challenging macroeconomic environment. GAAP operating income declined by 43% to $115 million, and GAAP EPS decreased by 44% to $0.61. The company has reduced its Fiscal Year 2023 outlook and increased its share buyback authorization to $1.5 billion.

• Sales were $1.16 billion, a decrease of 12% in US dollars and 9% in constant currency.
• Category sales grew in Keyboards & Combos (4%), Pointing Devices (flat), and Video Collaboration (5%) in US dollars.
• GAAP operating income decreased by 43% to $115 million.
• GAAP earnings per share (EPS) decreased by 44% to $0.61.

Headline financials

Revenue & EPS history

Logitech reduced its Fiscal Year 2023 outlook to between negative 8 percent and negative 4 percent sales growth in constant currency, and between $650 million and $750 million in non-GAAP operating income.