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(Reuters) – Logitech International SA (LOGN.STuesday announced lower than expected results in the first quarter and confirmed Nate Olmstead as CFO.
The maker of fast keyboards and computer mice used by gaming players like Fortnite said its net profit had reached $ 45.3 million, up from $ 38.5 million the previous year, thus missing forecasts $ 58.8 million. Sales rose 5.9% to $ 644 million from $ 608 million a year ago, exceeding forecasts by $ 641 million.
The Swiss-US In its press release, the company stated that it maintained its vision of sales growth in the medium to high single-digit range in constant figures for the year ended March 31, and A non-GAAP operating profit of $ 375 million to $ 385 million. During its previous fiscal year, the company raised its outlook twice.
"We recorded double-digit growth in several categories, including video collaboration, and growth in all three regions," said CEO Bracken Darrell in a statement.
Olmstead was confirmed as Chief Financial Officer immediately after being appointed Acting Chief Financial Officer in May, following the departure of Vincent Pilette. Olmstead had been vice president of finance at Hewlett Packard Enterprise (HPE.N) before joining Logitech in 2019.
Report by John Revill in Zurich; Additional report of Sathvik N in Bengaluru; Edited by Leslie Adler
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