Swiss-U.S. tech company, Logitech has made a rare downgrade by cutting projected 2023 sales growth.
The company now expects sales growth in constant currency of 2 to 4% in the 12 months to the end of March. Logitech has previously pegged expected revenue growth to be around mid-single digit.
Despite the downgrade, the computer mouse and webcam maker expects to make a profit from people buying equipment that will help them transition to hybrid work.
The company blamed the downgrade on the Ukraine conflict which forced it to halt its activities in both Ukraine and Russia.
Logitech CEO Bracken Darell expects the company to continue to see strong sales growth as hybrid work models will create demand for its products born at home and in the office.
“We are focused on these categories – gaming, PC peripheral, and video collaboration. These categories grew by 12% last year on top of 24% the year before. The businesses we are really focused on are growing,” Darrell said.
The sources for this piece include a story in Reuters.