Logitech's Quarterly Sales Fell 22%

Computer peripherals maker Logitech International said that its third-quarter sales fell 22%, confirming its preliminary results which showed that business customers had put the brakes on buying new equipment amid slowdown concerns, John Revill and Gokul Pisharody reported for Reuters.

Photo Insert: The Swiss-American maker of computer mice, keyboards, and webcams has also been hit by difficulty in getting components for its factories in China, as cities shut down to tackle the resurgence of COVID-19 in the country.

The company saw strong demand for its home office products and computer gaming devices during COVID-19 lockdowns, but the momentum has been fading as countries lift the curbs and as high inflation drives up costs and refrains consumers from spending.

The Swiss-American maker of computer mice, keyboards, and webcams has also been hit by difficulty in getting components for its factories in China, as cities shut down to tackle the resurgence of COVID-19 in the country.

Logitech's sales in the three months to December-end fell to $1.27 billion. The company's preliminary figures published on Jan. 11 showed its sales had fallen to between $1.26 and 1.27 billion.

Its non-GAAP operating income fell 32% to $204 million from $302 million a year earlier. It had previously reported preliminary operating income in the range of $198 to $203 million.

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