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Logitech Beats Earnings Estimates and Raises Guidance Despite Sales Decline

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Logitech International, the computer peripherals maker, has surpassed earnings estimates and increased its guidance for the fiscal first quarter, despite a continued decline in sales. Although the company still foresees a sales decline for the first half of the fiscal year, the decrease will not be as sharp as previously expected. This positive news has resulted in a 3.4% increase in Swiss-listed shares during early European trading.

Logitech now anticipates sales to range between $1.875 billion and $1.975 billion in the first half, higher than the previous estimate of $1.8 billion to $1.9 billion. The revised sales decline is projected to be between 14% and 19%, which is an improvement compared to the previous range of 18% to 22%.

The upward revision was prompted by impressive first-quarter results that surpassed expectations. The company reported adjusted earnings per share of $0.65, exceeding analysts’ estimates of $0.46, as reported by FactSet. Additionally, sales of $974 million, a 16% decrease compared to the previous year, also outperformed expectations by surpassing the anticipated $916 million.

Interim CEO Guy Gecht expressed his pride in the team’s accomplishments during the first quarter amidst challenging market conditions.

Although Logitech’s Swiss-listed stock experienced a significant 12.5% decline last month following the abrupt departure of CEO Bracken Darrell, it has since recovered and is currently down only 0.3% for the year in early European trading.

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