Shares of computer peripherals company Logitech International (NASDAQ: LOGI) fell 10.8% to 85.50 on Tuesday after the firm published its Q3 results and updated full-year guidance under recently appointed CEO Hanneke Faber.
Logitech reported Q3 revenue of $1.26 billion, down slightly from $1.27 billion a year ago but beating analyst forecasts. Non-GAAP operating income rose to $248 million. The company now expects full-year sales to decline 6-7% to $4.2-4.25 billion, an improvement from its previous outlook of a 9-12% drop. It also raised its full-year profit guidance.
“Our teams executed well, continuing our long record of exceptional product innovation,” said Faber. “But we will not be satisfied until we return to top line growth.”
Logitech has faced slowing demand as high inflation and economic uncertainty lead consumers and businesses to reduce spending. The company is working to navigate its way through the downturn after strong sales during the pandemic when lockdowns drove demand for computer accessories and webcams.
Faber took over as Logitech CEO in December, replacing Bracken Darrell. Investors will be looking to her leadership to help the company return to growth after recent sales declines.
The Logitech stock is up 48% over the past 12 months.
