Logitech,
the Swiss-American maker of computer keyboards and peripherals, was rising early Tuesday after reporting earnings that exceeded expectations.
Logitech
(ticker: LOGI) said that earnings per share in the July-September period came in at $1.09, up 30% from a year earlier and better than the 59 cents expected by analysts. Sales fell 8% from a year earlier to $1.06 billion, but still exceeded estimates.
Consumers splashed on Logitech’s accessories during the work-from-home boom during the pandemic and have since reined in spending. But the company has managed to boost profits by cutting costs and reducing outlays for logistics and promotions.
Logitech raised is full-year outlook. It now sees sales of $4 billion to $4.15 billion, compared with a range of $3.8 billion to $4 billion before. That’s equivalent to an annual decline of as little as 9% versus the 12% to 16% drop seen earlier.
Logitech also said it was closer to finding a new chief executive after Bracken Darrell left the company in June.
Logitech shares jumped 9% in Swiss trading. U.S.-listed shares were up 11% to $75.62 in premarket trading.
Write to Brian Swint at [email protected]
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