Logitech International S.A. (NASDAQ: LOGI) shared preliminary results ranges for the third quarter of FY23 ended on December 31, 2022.
Preliminary Q3 net sales ranges $1.26 billion – $1.27 billion, down 22% – 23% year-on-year in U.S. dollars, below the consensus of $1.39 billion.
The company expects non-GAAP gross margin of 37.8% – 37.9%.
Preliminary Q3 non-GAAP operating income is $198 million – $203 million, down 33% – 34% Y/Y, and non-GAAP operating margin is 15.7% – 16.0%.
“We are disappointed in these preliminary third-quarter results. They reflect challenging macroeconomic conditions, including a slowdown in sales to enterprise customers in the quarter. Based on the softer than expected third-quarter results and uncertainty in supply availability related to the current Covid outbreak in China, we are reducing our full-year outlook,” CEO Bracken Darrell said.
FY23 Outlook: Logitech reduced its constant currency sales growth outlook to (15)% – (13)%, down from the prior (8)% – (4)%, versus the consensus of $4.84 billion.
Logitech slashed its non-operating income outlook to $550 million – $600 million, down from the previous $650 million – $750 million.
Price Action: LOGI shares traded lower by 15.92% at $57.30 in the premarket on the last check Thursday.
Photo Via Wikimedia Commons
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Source: https://finance.yahoo.com/news/logitech-shares-slide-disappointing-preliminary-102435212.html