(RTTNews) – Logitech International (LOGI) reported that its net income for the first quarter of fiscal 2023 fell to $100.84 million or $0.61 per share from $186.84 million or 1, $09 per share the previous year.
“While macroeconomic challenges impacted our performance this quarter, I am encouraged by continued growth in video collaboration, keyboards and combos, and pointing devices as hybrid and return-to-work trends continue to emerge” , said Bracken Darrell, president and CEO of Logitech. executive officer.
Non-GAAP earnings per share for the quarter fell to $0.74 from $1.22 in the same quarter a year ago.
First-quarter sales were $1.16 billion, down 12% in US dollars and 9% in constant currency, from a year earlier. The performance reflects a challenging macro environment for the industry and compares to a quarter that grew 66% last year in US dollars.
Logitech cut its fiscal 2023 outlook to sales growth of between minus 8% and minus 4% in constant currency, and between $650 million and $750 million in non-GAAP operating profit. The company’s previous outlook was between 2% and 4% constant currency sales growth and non-GAAP operating profit of $875 million to $925 million.
Logitech noted that its board had approved an increase in stock buyback authorization up to $1.5 billion. It extends the company’s current three-year, $1 billion stock buyback authorization. Subject to approval by the Swiss Takeover Board, the increase will provide total authorization of approximately $800 million remaining for buybacks over the next 12 months of the program ending in July 2023.
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