We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Soft Product Demand to Hurt Logitech's (LOGI) Q1 Earnings
Read MoreHide Full Article
Logitech International (LOGI - Free Report) is scheduled to report first-quarter fiscal 2024 results on Jul 24. The company’s first-quarter results are likely to be negatively impacted by soft IT spending, which is hurting the demand for its personal computer (PC) peripheral products, including keyboards, PC webcams, video collaboration and pointing devices.
Soft IT Spending to Hurt PC Peripheral Demand
In 2020 and 2021, Logitech had benefited from the elevated demand for its Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device tools, mainly driven by the heightening of work-from-home and learn-from-home trends.
However, enterprises are now postponing their large IT spending plans due to the weakening global economy amid ongoing macroeconomic and geopolitical issues. Furthermore, continued industry layoffs on growing recessionary concerns are hampering the demand for PC peripheral products by organizations.
Our estimates for Logitech’s Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device product categories’ first-quarter revenues are pegged at $186.5 million, $40.4 million, $168.9 million and $140.5 million, respectively. The estimated revenue figures for Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device depict a year-over-year decline of 24.2%, 31.9%, 25.8% and 23.3%, respectively.
Furthermore, declining consumer spending due to high inflation and interest rates is likely to have hurt the demand for LOGI’s Mobile Speakers, Tablet & Other Accessories and Audio & Wearables products. Our estimate of $14.9 million for Mobile Speakers revenues implies a decline of 33.2%, while sales of Tablet & Other Accessories are anticipated to fall 7.1% to $61.9 million. Our estimate for Audio & Wearables stands at $51.4 million, suggesting a drop of 25.9% from the year-ago quarter.
Logitech International S.A. Price and EPS Surprise
The Zacks Consensus Estimate for Salesforce's second-quarter fiscal 2024 earnings has been revised upward by 21 cents to $1.90 per share for the past 60 days. For fiscal 2024, earnings estimates have moved upward by 33 cents to $7.44 per share in the past 60 days.
Salesforce's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 15.5%. Shares of CRM have soared 72% YTD.
The Zacks Consensus Estimate for Fortinet’s second-quarter 2023 earnings has remained unchanged at 34 cents per share in the past 60 days. For 2023, earnings estimates have remained unchanged at $1.46 per share in the past 60 days.
Fortinet’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 16.4%. Shares of FTNT have rallied 58.6 % YTD.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised a penny northward to $2.85 per share in the past 30 days. For 2023, earnings estimates have increased by 4 cents to $12.01 per share in the past seven days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 151.3% YTD.
Image: Bigstock
Soft Product Demand to Hurt Logitech's (LOGI) Q1 Earnings
Logitech International (LOGI - Free Report) is scheduled to report first-quarter fiscal 2024 results on Jul 24. The company’s first-quarter results are likely to be negatively impacted by soft IT spending, which is hurting the demand for its personal computer (PC) peripheral products, including keyboards, PC webcams, video collaboration and pointing devices.
Soft IT Spending to Hurt PC Peripheral Demand
In 2020 and 2021, Logitech had benefited from the elevated demand for its Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device tools, mainly driven by the heightening of work-from-home and learn-from-home trends.
However, enterprises are now postponing their large IT spending plans due to the weakening global economy amid ongoing macroeconomic and geopolitical issues. Furthermore, continued industry layoffs on growing recessionary concerns are hampering the demand for PC peripheral products by organizations.
Our estimates for Logitech’s Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device product categories’ first-quarter revenues are pegged at $186.5 million, $40.4 million, $168.9 million and $140.5 million, respectively. The estimated revenue figures for Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device depict a year-over-year decline of 24.2%, 31.9%, 25.8% and 23.3%, respectively.
Furthermore, declining consumer spending due to high inflation and interest rates is likely to have hurt the demand for LOGI’s Mobile Speakers, Tablet & Other Accessories and Audio & Wearables products. Our estimate of $14.9 million for Mobile Speakers revenues implies a decline of 33.2%, while sales of Tablet & Other Accessories are anticipated to fall 7.1% to $61.9 million. Our estimate for Audio & Wearables stands at $51.4 million, suggesting a drop of 25.9% from the year-ago quarter.
Logitech International S.A. Price and EPS Surprise
Logitech International S.A. price-eps-surprise | Logitech International S.A. Quote
Zacks Rank & Stocks to Consider
Logitech currently carries a Zacks Rank #4 (Sell). Shares of LOGI have risen 1% year to date (YTD).
Some better-ranked stocks from the broader technology sector are Salesforce (CRM - Free Report) , Fortinet (FTNT - Free Report) and Meta Platforms (META - Free Report) . Salesforce and Fortinet each sport a Zacks Rank #1 (Strong Buy), while Meta carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Salesforce's second-quarter fiscal 2024 earnings has been revised upward by 21 cents to $1.90 per share for the past 60 days. For fiscal 2024, earnings estimates have moved upward by 33 cents to $7.44 per share in the past 60 days.
Salesforce's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 15.5%. Shares of CRM have soared 72% YTD.
The Zacks Consensus Estimate for Fortinet’s second-quarter 2023 earnings has remained unchanged at 34 cents per share in the past 60 days. For 2023, earnings estimates have remained unchanged at $1.46 per share in the past 60 days.
Fortinet’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 16.4%. Shares of FTNT have rallied 58.6 % YTD.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised a penny northward to $2.85 per share in the past 30 days. For 2023, earnings estimates have increased by 4 cents to $12.01 per share in the past seven days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 151.3% YTD.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.