(Reuters) – Logitech International on Tuesday raised its sales outlook for the first half of fiscal 2024, in the first set of results since longtime CEO Brecken Darrell left the computer peripherals maker last month.
The company said it now expects first-half sales of $1.875 billion to $1.975 billion, compared with $1.8 billion to $1.9 billion previously.
It also estimates full-year sales of $3.8 billion to $4 billion.
The keyboard maker, whose products also include portable speakers, webcams and computer mice, said its sales in the three months to the end of June fell 16% to $974 million.
Analysts expected revenue of $923 million according to Refinitiv data.
Non-GAAP operating profit, meanwhile, was $109 million, better than the $70 million expected by analysts.
After seeing a huge jump in sales during the COVID-19 pandemic as people equipped their home offices with the latest keyboards and peripherals, Logitech was bracing for a downturn this year.
Lower spending by businesses and consumers amid the recession is expected to moderate the results.
Downsizing is a challenge for Logitech, as it seeks someone to replace Darrell, who stepped down last month to become CEO of VF Corp, maker of Vans sneakers and North Face outdoor clothing.
At Logitech, which he led for 10 years, Darrell was credited with the rapid introduction of new products and improved designs.
Last year, the company cut its workforce by 300 to 7,400 as it sought to adjust its cost base to lower demand.
(Reporting by John Revill in Zurich and Shivani Tanna in Bengaluru; Editing by Subhranshu Sahu and Varun HK)
Copyright 2023 Thomson Reuters.
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