Why Shares of Logitech International Dropped Today
Shares of PC and mobile accessory manufacturer Logitech International (NASDAQ: LOGI) slumped on Tuesday following the company's first-quarter report. The decline occurred despite Logitech beating analyst estimates across the board and raising its outlook for the full year. Investors may have been expecting more. At 11:45 a.m., Logitech stock was down about 10%.
Logitech reported first-quarter revenue of $530 million, up 10.4% year over year and about $9 million higher than the average analyst estimate. Sales of pointing devices, Logitech's largest category, rose 5% year over year, while keyboard and combo sales slumped 2%. Smaller categories grew faster, with gaming sales up 38%, video-collaboration sales up 49%, and smart-home sales up 47%.
Logitech's MX Anywhere 2 wireless mouse. Image source: Logitech.https://assets.logitech.com/assets/64808/15/talise-new-gallery.jpg
Source: Fool.com
