Logitech (NASDAQ:LOGI) shares plummeted, after the maker of mice and keyboards missed earnings expectations for the recent quarter and slashed its sales outlook.
The company’s net sales figure is down between 22% and 23% in US dollars and 17% and 18% in constant currency, compared to Q3 of the prior fiscal year.
Preliminary GAAP operating income was between $171M-$176M, down 33-34% Y/Y, operating margin is expected to be between 13.5%-13.8%.
Preliminary non-GAAP operating income was between $198M-$203M, down between 33%-34% Y/Y. Preliminary non-GAAP operating margin is between 15.7%-16.0%.
Preliminary GAAP gross margin was between 37.5%-37.6%. Preliminary non-GAAP gross margin is between 37.8%-37.9%.
Preliminary GAAP operating expenses are between $301M-$303M.
Preliminary non-GAAP operating expenses are between $278M-$280M, down between 22-23% Y/Y.
The company lowers FY outlook on the challenging macroeconomic conditions including a slowdown in sales to enterprise customers in the Q3 quarter and uncertainty in supply availability related to the current COVID outbreak in China.
Logitech lowered its FY23 sales outlook to between negative-15% and negative 13% sales growth from negative-8% and negative-4% in constant currency,
The non-GAAP operating income to be between $550 million and $600 million from prior outlook of $650 million and $750 million in non-GAAP operating income.
LOGI shares faltered $12.13, or 17.8%, to $56.02.
