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Logitech reports a 22% drop in quarterly revenue - the situation will not improve in the near future.
Major computer peripherals maker Logitech International this week reported its third fiscal quarter (ended December 31), reporting a 22% year-on-year decline in revenue to $1.27 billion, in line with its own expectations. Component supply problems arose last quarter due to lockdowns in China, and demand for Logitech products remained low after a long period of growth.
During the pandemic, as you know, demand has increased dramatically not only for mice and keyboards, but also for video conferencing devices and audio headsets. As the demand for remote work tools declined, Logitech's revenue also fell proportionately. The company's operating profit fell 32% year-on-year to $204 million. Demand for Logitech products fell both in the consumer and corporate sectors, the company said. Clients save money in the face of rising inflation and global uncertainty.
Logitech's fiscal year ends in March this year. The company retained the existing forecast for its results. She expects the 12-month reporting period to be characterized by a decrease in revenue by 13 or 15%, and operating income will not exceed $550-660 million. Last quarter, the situation was complicated by lockdowns in China, which limited the supply of components for the needs of Logitech.