Why Logitech Shares Are Shooting Higher Today
Portfolio Pulse from Lekha Gupta
Logitech International S.A. (NASDAQ: LOGI) reported Q1 FY24 revenue of $974.5 million, exceeding the consensus of $912.3 million, despite a 16% Y/Y decrease. Sales in various categories fell, with the largest decrease in Keyboards & Combos sales (21% Y/Y). Adjusted EPS of $0.65 beat the consensus of $0.45. The company revised its H1 FY24 guidance upwards and announced a new, three-year share buyback program of up to $1 billion. LOGI shares are trading higher by 6.54% premarket.
July 25, 2023 | 9:50 am
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Logitech reported better than expected Q1 FY24 revenue and EPS, revised its H1 FY24 guidance upwards, and announced a $1 billion share buyback program. This has led to a premarket increase in LOGI shares.
Logitech's better than expected Q1 FY24 results and upward revision of H1 FY24 guidance indicate strong performance, which is likely to boost investor confidence. The announcement of a $1 billion share buyback program also signals the company's confidence in its stock, which can further drive up the stock price. These factors have led to a premarket increase in LOGI shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100