Why Logitech Stock Plunged Today
Shares of computer hardware and software company Logitech International (NASDAQ: LOGI) dropped on Tuesday after the company reported financial results for its fiscal third quarter of 2024. It largely beat analysts' expectations and raised guidance for the year.
However, investors appear concerned with its inventory and logistics. As of 11:30 a.m. ET, Logitech stock was down about 10%.
In Q3, Logitech's sales of $1.26 billion and earnings per share of $1.55 both came in ahead of many analysts' expectations. Moreover, various profit metrics showed robust year-over-year growth, even though sales were down 1%. But Logitech stock fell, nevertheless, due to what's happening in the Red Sea.
Source Fool.com
