Logitech posts 5% rise in sales marking first positive quarter since 2021

Established in Cork in the late 1980s, the accessory maker posted an operating profit of around €4bn for 2023

Tue, 30 Apr, 2024 - 12:38

Emer Walsh

A modest increase in sales at the end of last year saw computer accessory maker Logitech arise from a two-and-a-half-year downturn after a pandemic-driven surge.

The firm, which has had a large presence in Cork since the late 1980s, posted a 5% rise in annual sales, increasing to $1.01bn (€941m) in the last three months of 2023.

It is the tech firm’s first positive quarter since October 2021, with the Swiss-American company struggling in recent years to keep up with an 80% sales surge during the pandemic as a shift to remote work fueled consumer demand.

Logitech’s post-pandemic slump saw the firm announce sizeable layoffs last year, with around 300 workers in total cut as part of the firm’s downsizing, including a “limited number” from Ireland.

Established in Cork in 1988, the company has maintained a strong presence in Ireland, employing around 200 staff. In 2021, the accessory maker announced a sizeable expansion, moving from its location in Cork Airport Business Park to a new office in Mahon’s City Gate Plaza Two.

The company announced an additional 50 jobs in Cork would be created in the same year, making the Mahon site one of Logitech’s key offices.

Globally, the NASDAQ-listed company employs more than 8000 employees.

In the last three months of 2023, Logitech's non-GAAP operating profit soared 93% to $159m (€148m). For the full year, it said its annual sales fell 5% to $4.3bn (€4bn), better than its outlook for sales in the $4.2-$4.25bn range.

“We delivered a strong fourth quarter, with a return to growth and expanded gross margins,” said Hanneke Faber, Logitech chief executive officer. “Growth was broad-based across all regions and key categories.”

“We start Fiscal Year 2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI.”

Additional reporting from Reuters.