By Sam Boughedda
Investing.com -- Logitech International (NASDAQ:LOGI) stock fell 5% Tuesday after it reported earnings, revealing a drop in sales year-over-year.
The Swiss computer peripherals and software manufacturer reported adjusted earnings per share of $0.81 on revenue of $1.23 billion. Earnings beat expectations while revenue was in line, with analysts polled by Investing.com expecting earnings per share of $0.71 on revenue of $1.23 billion.
The company's sales were down 20% compared to Q4 of the prior year.
Even so, the company's full-year fiscal 2022 sales were its highest ever at $5.48 billion.
“This year, we sustained our scale, delivering record sales on top of last year’s 74% sales growth,” said Bracken Darrell, Logitech president, and chief executive officer. “We grew for the ninth straight year and grew market share across the portfolio. We also beat our original profit target by over $100 million."
Logitech reduced its fiscal 2023 outlook as it removed sales and profit estimates that would have been generated in Ukraine and Russia.
It sees sales growth between 2% and 4%. Previously, sales growth was expected to be in the mid-single digits.
"Despite strong year-over-year results, our focus is the long term. We’re riding secular growth trends in hybrid work, video collaboration, esports and digital content creation,” added Darrell.