(Reuters) -Logitech International on Tuesday raised its sales outlook for the first half of its 2024 financial year, in the first set of results since longstanding CEO Bracken Darrell quit the computer peripherals maker last month.
The company said it now expects first-half sales of $1.875 billion to $1.975 billion, compared to 1.8 billion to 1.9 billion earlier.
It also forecast full year sales of $3.8 billion to $4 billion.
The keyboard-maker, whose products also include mobile speakers, webcams and computer mice, said its sales in the three months to end of June fell 16% to $974 million.
Analysts expected revenue of $923 million according to Refinitiv data.
Non-GAAP operating profit, meanwhile, was $109 million, better than the $70 million forecast by analysts.
After seeing a big jump in sales during the COVID-19 pandemic as people equipped their home offices with the latest keyboards and peripherals, Logitech has been bracing itself for a downturn this year.
Lower spending by businesses and consumers amid an economic downturn are expected to weigh on results.
The downturn is a challenge for Logitech, as it searches for a successor to Darrell, who stepped down last month to become CEO of VF Corp, the maker of Vans sneakers and The North Face outdoor wear.
At Logitech, which he led for 10 years, Darrell was credited with a turnaround through faster launches of new products and improved design.
Last year, the company cut its workforce by 300 to 7,400 as it sought to adjust its cost base to lower demand.
(Reporting by John Revill in Zurich and Shivani Tanna in Bengaluru; Editing by Subhranshu Sahu and Varun H K)
Credit: The Star : Tech Feed
