Why Logitech Stock Jumped This Week
Week to date, shares of Logitech International (NASDAQ: LOGI) were up 11.5% as of 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.
The company reported fiscal first-quarter earnings results earlier this week that continued to show weak demand for computer and video conferencing accessories. But the company is making progress to bring inventory in line with demand. As a result, management raised its full-year sales outlook for fiscal 2024 ending in March.
Logitech sales hit a peak in late 2020, as consumers rushed to buy PC peripherals for gaming and remote work. The reopening of the economy and macroeconomic headwinds pressured sales. Last quarter's total net sales of $974 million is down from the peak of over $1.6 billion reached in the December-ended quarter of 2020.
Source Fool.com
