(CercleFinance.com) – The Logitech stock rose late Tuesday morning, investors welcoming the absence of bad news in the final quarterly results published by the Swiss manufacturer of digital accessories.
Around 11:15 a.m., the stock rose 1.4%, compared with a 0.3% increase for the SMIM, the Swiss mid-cap index.
Excluding exceptional items, Logitech reported last night a 32% drop to $ 204 million in operating profit for the third quarter of its staggered fiscal year ended at the end of December.
Its turnover fell by 22% to 1.27 billion dollars, including a decline of 17% at constant exchange rates, due to an economic environment described as ‘difficult’.
The Swiss group explains that it was penalized by the strength of the dollar, by the persistence of inflationary tensions and by a drop in consumer and business spending.
“After the Covid crisis, and the telework boom, Logitech now has a hangover,” commented Stifel analysts this morning.
The company confirmed the forecast for the 2022-2023 financial year which it had revised downwards at the beginning of the month.
The group is now targeting a decline in turnover of 13% to 15% for its staggered financial year ended at the end of March, at constant exchange rates, for an operating result, in non-GAAP standards, seen at 550-600 million dollars. .
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