(Adds details, background)
May 2 (Reuters) - Logitech International posted
a 22% drop in fourth-quarter sales on Tuesday, as growing
worries of an economic downturn continue to hinder the computer
peripherals maker from maintaining the growth experienced during
the pandemic.
The Swiss company said its sales for the three months to
March-end fell to $960 million, compared with $1.23 billion in
the year-ago period.
"We have proactively controlled expenses to align our
operating costs with reduced revenue," Logitech Chief Financial
Officer Charles Boynton said, adding that the company is
reaffirming its outlook for the first half of this fiscal year.
Credit Suisse downgraded Logitech in March to "neutral" from
"outperform", citing "no growth until Christmas quarter" amid
challenging interest rates and lack of short-term catalysts.
The maker of computer mice, keyboards and video conferencing
equipment said its non-GAAP operating income slipped 47% to $82
million in the reported quarter.
(Reporting by Urvi Dugar and Shivani Tanna in Bengaluru;
Editing by Rashmi Aich)
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