Logitech International SA (NASDAQ:LOGI) stock surges 13.58% (As on July 25, 11:40:49 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Cash flow from operations was $240 million, up $275 million compared to the prior year. The quarter-ending cash balance was $1.25 billion.
LOGI in the first quarter of FY 24 has reported the adjusted earnings per share of 65 cents, beating the analysts’ estimates for the adjusted earnings per share of 47 cents, according to Zacks Investment Research. The company had reported 16 percent fall in the adjusted revenue to $974.5 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $916.7 million. Non-GAAP operating income was $109 million, down 25 percent compared to the prior year.
Logitech raised its outlook for the first half of Fiscal Year 2024. Sales is expected to be in the range of $1.875 – $1.975 billion and Non-GAAP operating income is expected to be in the range of $180 – $220 million.
Logitech also provided an estimated full-year outlook for Fiscal Year 2024. Sales is expected to be in the range of $3.8 – $4.0 billion and non-GAAP operating income is expected to be in the range of $400 – $500 million.
Meanwhile, LOGI recently revealed that it has acquired Finland’s Loupedeck, a custom consoles and software designer that makes creative process faster and more intuitive for streamers, creators and gamers. This will enhance Logitech’s ability to provide customizable and contextual control experiences for the company’s full portfolio of devices, including Logitech Software Roadmap solution. Jointly, the companies will provide a seamless experience for creators from onboarding to everyday use with presets available out of the box and tighter coupling between the Loupedeck devices and the Streamlabs popular suite of applications and services.
In addition, in May, Logitech revealed latest additions to the premium Master Series, MX Keys S Combo, MX Keys S, and MX Anywhere 3S, designed for advanced users, such as software developers and creative professionals. Through a separate deal, the company introduced a desk booking service that delivers a better hotdesking experience for employees and greater ability to manage shared desks across multiple locations. The company has also unveiled the Logitech G PRO X 2 LIGHTSPEED Wireless Gaming Headset, designed and tested with top esports athletes. Further, it unveiled Rally Bar Huddle, a premium all-in-one appliance-based video bar for huddle and small rooms. It is the newest addition to Logitech’s family of conference cameras.