Logitech Q2 Profit Drops, Reaffirms FY23 Outlook; CFO Nate Olmstead To Step Down

(RTTNews) - Logitech International (LOGI) reported that its net income for the second quarter of fiscal year 2023 dropped to $82.09 million or $0.50 per share from last year's $139.46 million or $0.81 per share, reflecting a challenging macroeconomic environment.

Non-GAAP earnings per share declined 20 percent to $0.84 from $1.05 in the same quarter a year ago.

Sales were $1.15 billion, down 12 percent in US dollars and 7 percent in constant currency, compared to the prior year.

Logitech reaffirmed its fiscal year 2023 outlook of between negative 8 percent and negative 4 percent sales growth in constant currency, and between $650 million and $750 million in non-GAAP operating income.

Logitech also announced that Nate Olmstead, chief financial officer, will be leaving the Company. The company will be launching a search and Olmstead currently plans to stay on as CFO through the transition.