Logitech Reports 2% Decline in Third Quarter Sales

Sweden based manufacturer of computer peripherals and software Logitech International SA (SWX: LOGN) has reported its results for the third quarter in which it recorded a 2% sales decline compared to what it reported in a similar quarter a year ago.

The company however increased its forecast for the current year to between 2% and 5% sales growth in constant currency and between $850 million and $900 million in non-GAAP operating income.

Previously, the company had issued a flat forecast sales growth rate of plus or minus 5% and a non-GAAP operating income of $800 million to $850 million.

For the third quarter ended December 31, 2021, sales by the company declined to $1.63million compared to the sales of $1.67 billion the company recorded in a similar quarter a year earlier. The company says the sales increase has been driven by the pandemic because movement restrictions and remote working made people to buy more webcams, keyboards and mice.

In the third quarter, Logitech says its non-GAAP operating income fell by 37% to $302 million.

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