Logitech International has today forecast a smaller decline in its annual sales and reported a slightly lower third-quarter revenue, in the computer peripheral maker's first set of results under newly appointed CEO Hanneke Faber.
Sales eased to $1.26 billion in the quarter to December 31, from $1.27 billion a year earlier, as the maker of computer mice, keyboards and webcams continued to navigate a downturn in consumer and business spending as well as high comparables.
The company now expects an annual sales decline of 6%-7% to $4.2 billion-$4.25 billion. It had previously forecast full-year sales decline of 9%-12%.
It forecast the non-GAAP operating income to grow by 4%-12%, and come in at $610-660m. The company had previously expected annual non-GAAP operating income in the range of $525-$575m.
Logitech has been dealing with customers wrestling with high inflation, and uncertainty among businesses unsure about future economic development and how to equip their offices as they move to hybrid working models.
The company, based in Lausanne, Switzerland and Newark, California, said its non-GAAP operating income rose to $248m during the period, traditionally the most important quarter of its year.
"Our teams executed well, continuing our long record of exceptional product innovation. But we will not be satisfied until we return to top line growth," Faber said in a statement.
Faber, the former head of Unilever's nutrition business, joined Logitech on December 1, replacing long-standing CEO Bracken Darrell, who left to join sneaker and clothing company VF Corp last year.
