• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing What made Logitech shares lose 20% on Thursday?
Investing

What made Logitech shares lose 20% on Thursday?

by January 12, 2023
by January 12, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Shares of Logitech International SA (NASDAQ: LOGI) tanked 20% this morning after the computer equipment company lowered its outlook for the full year.

Logitech’s new guidance for fiscal 2023

The Swiss multinational now expects a 13% to 15% hit to sales this year. Its previous guidance was for an 8.0% decline at the top end of the range.

Logitech blamed a weaker global economy and particularly the COVID outbreaks in China for its dovish outlook. Still, CEO Bracken Darrell said in the press release:

We will continue to manage our costs to drive solid operating performance. We remain confident in our strategy and the long-term trends that fuel our business.

The Nasdaq-listed firm now forecasts its full-year operating income to fall between $550 million and $600 million. Before today, it was expecting $650 million to $750 million instead. Logitech shares traded at a high of $132 in June of 2021.

Logitech shares down on preliminary Q3 results

Also on Thursday, Logitech International reported its preliminary results for the fiscal third quarter. Sales came in between $1.26 billion and $1.27 billion, representing a 17% to 18% year-on-year decline.

Operating income also tanked to roughly $173 million versus $263 million a year ago. Sharing his outlook on this tech stock, UBS analyst Joern Iffert said this morning in a research note:

Logitech results are disappointing and given the recent rally of shares, we expect a temporary setback to investor sentiment and the share price. Sales are likely to remain subdued near term in a tight environment.

The new guidance, Iffert added, suggests an earnings multiple of 23 times – well above the historic average for Logitech shares.

The post What made Logitech shares lose 20% on Thursday? appeared first on Invezz.

You Might Also Like
  • Cramer says he’s ‘impressed’ of this small specialty materials stock
  • Is it safe to buy Tesla stocks after Elon Musk’s recent selling?
  • Cowen names Take-Two stock its best idea for 2023
  • Consumer price inflation almost at its peak, says ECB economists
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Cleveland-Cliffs stock has upside to $26: Morgan Stanley
next post
AIER’s Everyday Price Index Falls for the Fifth Time in Six Months

You may also like

Bumble shares are ‘attractive risk/reward’ at current levels: KeyBanc

January 10, 2023

Compass Inc will turn free cash flow positive in 2023:...

January 9, 2023

Five Below breaks out. Here is the next target for...

November 25, 2022

The Impact of Implied Volatility (IV) on Popular Options Trades

March 8, 2024

ADP beats expectations, US dollar jumps on the news

January 5, 2023

Standard Chartered share price has retreated: Is it safe to...

January 9, 2023

Chesapeake Energy stock has ‘tremendous upside’ despite falling natural gas...

January 5, 2023

Tesla’s stock price crashes, down -9% on missing 4Q2022 consensus

January 3, 2023

CarMax stock tanks to a YTD low following Q3 report:...

December 22, 2022

2 takeaways after area PMIs hint at a brighter inflation...

November 24, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Unemployment rate falls to 3-month low...

    December 27, 2022

    Activist investor wants to replace Larry...

    December 7, 2022

    Wells Fargo had its profit cut...

    January 13, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here