Logitech reports 2% decline in quarterly sales; raises outlook


FILE PHOTO: Logitech mouse is placed on the keyboard in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. REUTERS/Dado Ruvic

(Reuters) -Logitech International reported a 2% drop in third-quarter sales as the computer peripherals-maker lapped tough comparisons from a year earlier, when the pandemic boosted demand for its products.

However, the maker of keyboards, mice and headsets raised its forecast for the current fiscal year to between 2% and 5% sales growth in constant currency, and between $850 million and $900 million in non-GAAP operating income.

It had previously forecast flat sales growth, plus or minus 5%, and non-GAAP operating income of $800 million to $850 million.

For the third quarter, sales fell to $1.63 billion in the three months ending Dec. 2021. The company had posted quarterly sales of $1.67 billion a year earlier, boosted by stay-at-home workers buying more keyboards, mice and webcams.

The Swiss-American company, the first to manufacture and sell computer mice in the 1980s, said its non-GAAP operating income fell by 37% to $302 million during the reported quarter.

Late last year, the company said it was facing unprecedented problems getting parts to make its products, which also include headsets, video conferencing device and wireless speakers.

(Reporting by John Revill in Zurich and Nishit Jogi in Bengaluru; Editing by Shailesh Kuber)

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