Logitech profit fell by 43% in 2022 – Kommersant
[ad_1]
Swiss manufacturer of PC peripherals Logitech introduced reporting for the fourth quarter and the entire fiscal year 2022 ended March 31. The company’s revenue for the year decreased by 17%, to $4.5 billion, net income – by 43%, to $365 million. In the fourth quarter, revenue fell by 22%, amounting to $960 million, and net income – by almost 62%, to $41 .5 million. The results came in better than analysts’ expectations, with Logitech shares up 2.5% on the NASDAQ.
The deterioration in the company’s results is due both to macroeconomic difficulties and inflation affecting demand, as well as to a sharp increase in sales during the pandemic. Then the demand for PCs and accessories for them grew, as many companies switched to remote work, but now the process is reversed. According to research company IDC, in the first quarter of this year, PC sales in the world fell by 29%. According to Logitech CFO Charles Boynton, the company expected a decrease in revenue and therefore brought its costs in line with this in advance.
[ad_2]
Source link
