In the initial batch of economic numbers since the departure of longtime chief executive officer Bracken Darrell from the manufacturer of desktop and laptop accessories a month ago, Logitech International (LOGN.S) upped its revenue and earnings projection for the first quarter of the fiscal year 2024.
“While the markets are still challenging, I am proud of the team’s achievements during our first quarter,” said Guy Gecht, Logitech’s interim chief executive officer. “Our high-caliber seasoned team, design-led engineering, and strong execution truly set us apart. Our latest innovations and elevated outlook are just a glimpse of Logitech’s full potential as we execute our strategic vision.”
Source: news.logitech.com
A computer keyboard and mouse manufacturer reported that the hunt for a replacement was going smoothly and that there will be a follow-up when there is information to tell.
Guy Gecht, the interim chief executive officer of Logitech, stated that the financial markets were constantly competitive for the company. Throughout the global epidemic lockdown, individuals loaded up on Logitech’s web cameras and other tools so they could work from home, which led to a boom for the company.
Ever since then, performances have been hampered by decreased spending by firms and consumers due to the recession.
The Swiss-American business was, though, a little more upbeat on Tuesday, stating that it now anticipates first-half revenues of 1.875 billion USD to 1.975 billion USD, higher than the prior estimate of 1.8 billion USD to 1.9 billion USD.
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Additionally, the business anticipates non-GAAP operating earnings in the range of 180 million dollars to 220 million dollars for the first half of this fiscal year, up from its earlier forecast of 160 million dollars to 190 million dollars.
In addition, Logitech predicted full-year revenues of 3.8 billion dollars to 4 billion dollars in its first prediction for this fiscal year.
According to the chief financial officer Charles Boynton, Logitech achieved steady success in cutting operational costs and inventories over the three months leading up to the finish of June.
The present economic decline presents a dilemma for Logitech because it hasn’t yet hired Darrell’s replacement. Darrell left last month to take the CEO position at VF Corporation (VFC.N), the company that makes Vans trainers and The North Face outerwear.
Darrell, who oversaw Logitech for ten years, is credited for the company’s comeback through more rapid product introductions and enhanced design.
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