mikirduit
Oct 8, 10:38 AM
$LOGI posted a strong fiscal Q1, but read the fine print.
Net income +61.4% to
$235.7M on revenue up just 6.9%. A tariff refund drove ~69% of the operating income increase. Ex-refund, operating income still rose 21.9% to
$197.6M.
Positives: gaming +12%, mice +16%, video collab +11% with a 13% price hike from May.
Risk: chip supply. ~
$20M sales hit in Jul-Sep, up to
$200M in Oct-Dec (~14.1% of forecast holiday-quarter sales).
Fiscal Q2 guide: revenue +0-3% to
$1.18B-
$1.22B, operating income down 9-20%. Earnings Oct 28.
Analyst fair value:
$52-59 bear,
$85-95 base,
$127-138 bull.
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