Logitech's 2Q Profit Drops Less Than Expected
FREMONT, Calif. (AP) ¿ Better-than-expected sales helped Logitech International on Thursday post a smaller decline in quarterly profit that Wall Street expected, and shares rose to a new year high.
The maker of computer mice, Web cameras and other computer accessories reported a profit of $20.7 million, or 11 cents per share for its fiscal second quarter ended Sept. 30. That's down 71 percent from $72.3 million, or 39 cents per share, in the same quarter a year earlier.
Sales slid 25 percent to $498 million.
Analysts polled by Thomson Reuters predicted profit of 7 cents per share on sales of $482 million.Looking ahead, Logitech expects to report fiscal third-quarter sales of $575 million to $595 million. Analysts forecast $588.3 million, on average. Shares rose 76 cents, or 4.2 percent, to $18.89 in afternoon trading. The stock earlier traded as high as $19.76, topping a previous year high of $19.53 set last month.
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