Logitech, a PC peripheral products company, today announced its financial results for the fourth fiscal quarter ending March 31, 2023, and for the entire fiscal year 2023.
Logitech’s sales for fiscal 2023 were $4.54 billion (currently about RMB 31.462 billion), down 17% in U.S. dollars and 13% in constant currency.
GAAP operating income was $458 million (currently about RMB 3.174 billion), down 41 percent from the previous year. Non-GAAP operating income was $589 million (approximately RMB 4,082 million), a decrease of 35% compared to the prior year.
GAAP earnings per share (EPS) were $2.23 (approximately RMB 15 currently), a decrease of 41% from the prior year. Non-GAAP EPS was $3.22 (currently approximately RMB 22), down 30 percent from the prior year.
Looking at the fourth quarter alone, Logitech sales were $960 million (approximately RMB 6.653 billion), down 22 percent in U.S. dollars and 20 percent in constant currency. GAAP operating income was $39 million (approximately RMB 270 million), down 70 percent from the prior year. Non-GAAP operating income was $82 million (approximately $568 million), a 47 percent decrease year-over-year.
Logitech confirmed its outlook for the first half of fiscal 2024, with sales of $1.8 billion to $1.9 billion, down 22 percent to 18 percent year-over-year, and non-GAAP operating income of $160 million to $190 million.
Logitech announced in March this year that it was laying off about 300 employees in a global reorganization to face the industry downturn and poor performance.
