Logitech, the renowned computer accessories maker, recently announced better-than-expected earnings for the final quarter of 2021 and also revised its guidance for the upcoming year.
Despite these positive results, investors decided to sell off the company's stock following a 1% decline in sales compared to the previous year in dollar terms. In constant currency, the sales decline was 3%, according to the company's latest earnings report published on Tuesday. Despite the sales setback, Logitech is optimistic about its operating income for the year and has increased its projected range.
Logitech, known for its production of mice and keyboards, has encountered challenges due to a decline in demand for remote working equipment since the peak of the COVID-19 pandemic. Hanneke Faber, the Chief Executive of Logitech, acknowledged that the company has been performing well but expressed a desire for a return to robust top-line growth.
As a consequence of the disappointing sales figures, Logitech's Swiss shares experienced a 6.6% drop during early trading. Similarly affected, the company's American depositary receipts slipped by 6.7% during premarket trading.
In comparison, Apple shares witnessed a minor decline of 0.3% during premarket trading, while S&P 500 futures remained relatively stable.