Logitech third-quarter operating profit falls
WESTMINISTER – Swiss-American technology accessories maker Logitech International said its quarterly operating profit fell 1.5 percent, as strong year-end demand for newer music and video accessories failed to offset shrinking demand for computer add-ons.
It reported a non-GAAP operating profit of $74.2 million for the fiscal third quarter ended Dec. 31, a decline from $78.6 million, reflecting the move to exit its historic computer mouse business over the past year.
The results beat analyst profit forecasts.
Analysts were looking for an operating profit of $73.11 million, on average, according to Thomson Reuters I/B/E/S data.
Net sales in the December quarter rose about 3 percent to $621.1 million compared to the mean estimate by analysts of $631.6 million.
Logitech has refocused on new accessory lines like wireless music speakers, video conferencing and video game controllers, offsetting a secular decline in personal computers and demand for its mice and keyboards that defined the brand for decades. -Reuters