Logitech(US:LOGI)2022-07-26 20:42Financial Performance - Net sales declined by 9% in constant currency (CC) to $1.16 billion, reflecting a volatile macroeconomic environment[11] - Gross margin was 40.0%, nearly flat sequentially, despite inflationary pressures and unfavorable currency movements[12] - Operating profit decreased by 38% year-over-year to $146 million, as the company resized variable costs while sustaining long-term product development investments[13] - Net sales decreased 12% to $1.16 billion compared to $1.312 billion in Q1'22[16] - Operating expenses decreased by 6% to $319 million[16] - Net income decreased by 41% to $123 million[17] Business Segment Performance - Gaming revenue decreased by 16% to $283 million[19] - Video Collaboration revenue increased by 5% to $246 million[19] - Keyboards & Combos revenue increased by 4% to $228 million[19] - Pointing Devices revenue remained flat at $183 million[19] - PC Webcams revenue decreased by 46% to $59 million[19] Regional Performance - Americas net sales decreased by 18% to $502 million[23] - Asia Pacific net sales increased by 7% to $367 million[23] - EMEA net sales decreased by 19% to $290 million[23] Updated Outlook for Fiscal Year 2023 - Sales growth is expected to be between -8% and -4% in constant currency[43] - Non-GAAP operating income is projected to be between $650 million and $750 million[43]