Shares of computer peripherals powerhouse Logitech (NASDAQ: LOGI) soared 12.9% through 11:20 a.m. ET after reporting an unexpectedly decent earnings beat last night.

Analysts had forecast both Logitech's sales and its earnings would decline steeply in its fiscal 2024 first quarter -- and they were right. However, the declines weren't quite as sharp as feared. Instead of earning $0.46 per share (pro forma) on sales of $919.7 million, Logitech earned $0.65 per share on sales of $974.5 million.

That's the good news. The bad news is that things still looked pretty bad. Sales tumbled 16% year over year for the quarter, and operating profits plunged twice as fast -- down 32%. And while Logitech's non-GAAP, pro forma profits were the aforementioned $0.65, a decline of only 12% year over year, its actual GAAP numbers were much worse:   Just $0.39 per share. That's down 36% year over year.

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Source Fool.com