On July 29, Logitech International SA declined 7.98% overnight, trading at $102.75/share, with Turnover of $1,333.86.

The decline was triggered by the company's fiscal Q2 revenue guidance falling short of market expectations, despite delivering a strong Q1 earnings beat. Logitech reported fiscal Q1 adjusted EPS of $1.85, surpassing the consensus estimate of $1.22 by 51.64%, with revenue of $1.227 billion exceeding the $1.204 billion estimate. Net income attributable to the parent reached $236 million, up 61.42% year-over-year, while gross margin expanded to 49.50%. However, the company guided fiscal Q2 revenue to $1.19 billion-$1.22 billion, below the analyst consensus of $1.23 billion, sparking concerns over growth deceleration.

Adding to the negative sentiment, Morgan Stanley previously flagged more than 5% downside risk to revenue from weakening PC demand, while Bank of America downgraded the stock to underperform with an $86 target, citing expected demand suppression from rising PC and gaming system prices.

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