Logitech misses on earnings, lowers FY23 guidance, increases buyback

Jul. 26, 2022 12:53 AM ETLogitech International S.A. (LOGI)By: Gaurav Batavia, SA News Editor10 Comments
  • Logitech press release (NASDAQ:LOGI): Q1 Non-GAAP EPS of $0.74 misses by $0.10.
  • Revenue of $1.16B (-11.5% Y/Y) misses by $40M.
  • This performance reflects a challenging macroeconomic environment for the industry and compares against a quarter which grew 66 percent last year in US dollars.
  • Shares +1.12% PM.
  • Given the current challenging conditions, Logitech reduced its Fiscal Year 2023 outlook to between negative 8 percent and negative 4 percent sales growth in constant currency (+0.8% consensus), and between $650 million and $750 million in non-GAAP operating income. The Company’s previous outlook was between 2 and 4 percent sales growth in constant currency, and $875 million to $925 million in non-GAAP operating income.
  • Logitech’s board of directors has approved an increased share buyback authorization up to $1.5 billion. This expands the Company’s current $1 billion, three-year share buyback authorization.

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