Logitech announced preliminary results for the third quarter of fiscal year 2023: revenue fell 22% year-on-year and fell below market expectations by 23%.

Thanks to CTOnews.com netizen OC_Formula for the clue delivery! CTOnews.com, January 15 (Xinhua) as PC manufacturers cut prices to stimulate demand and reduce inventory in channels, peripherals maker Logitech is facing its own business problems.

Logitech recently announced preliminary results for the third quarter of fiscal year 2023 ending December 31, 2022. The company said initial net sales of Q3 were between $1.26 billion and $1.27 billion, below market consensus expectations of $1.39 billion. Compared with the same period last year, initial net sales of Q3 fell by 22% Mel 23% in dollar terms and 17% Mel 18% in fixed exchange rate terms.

Under GAAP accounting standards, the initial operating profit was 171 million-176 million US dollars, down 33 percent from 263 million U.S. dollars in the same period last year; the initial operating profit margin was 13.5 percent; and the initial gross profit margin was 37.5 percent.

Under Non-GAAP accounting standards, the initial operating profit was 198 million-203 million US dollars, down 33 percent from 302 million U.S. dollars in the same period last year; the initial operating profit margin was 15.7 percent; and the initial gross profit margin was 37.8 percent.

The company cut its full-year guidance for fiscal 2023 because of challenging macroeconomic conditions, including slowing sales to corporate customers in the third quarter, and supply-related uncertainties. The company expects full-year sales to fall 13 per cent and 15 per cent year-on-year at fixed exchange rates (compared with a 4 per cent year-on-year decline); operating profit under Non-GAAP accounting standards is expected to be $550 million-600 million (previously expected $650 million-$750 million).

CTOnews.com learned that Logitech will report full results for the third quarter on January 23, EST.