The company said it now expects first-half sales of US$1.875bil (RM8.6bil) to US$1.975bil (RM9bil). It also forecasts full-year sales of US$3.8bil (RM17.3bil) to US$4bil (RM18.3bil). — Reuters
NEW YORK: Logitech International raises its sales outlook for the first half of its 2024 financial year, in the first set of results since longstanding chief executive officer (CEO) Bracken Darrell quit the computer peripherals maker.
The company said it now expects first-half sales of US$1.875bil (RM8.6bil) to US$1.975bil (RM9bil). It also forecasts full-year sales of US$3.8bil (RM17.3bil) to US$4bil (RM18.3bil).
The keyboard-maker, whose products also include mobile speakers, webcams and computer mice, said its sales in the three months to the end of June fell 16% to US$974mil (RM4.4bil).
Analysts expected the company to generate revenue of US$923mil (RM4.21bil) according to Refinitiv data.
Non-generally accepted accounting principles operating profit, meanwhile, was US$109mil (RM497.5mil), better than the US$70mil (RM319.5mil) forecast by analysts.
After seeing a big jump in sales during the Covid-19 pandemic as people equipped their home offices with the latest keyboards and peripherals, Logitech has been bracing itself for a downturn this year.
Lower spending by businesses and consumers amid an economic downturn is expected to weigh on results.
The downturn is a challenge for Logitech, as it searches for a successor to Darrell, who stepped down last month to become CEO of VF Corp, the maker of Vans sneakers and The North Face outdoor wear.
At Logitech, which he led for 10 years, Darrell was credited with a turnaround through faster launches of new products and improved design.
Last year, the company cut its workforce by 300 to 7,400 as it sought to adjust its cost base to lower demand. — Reuters
