$LOGI · LOGITECH INTERNATIONAL S.A.
Logitech reported Q2 FY2027 results with revenue of $1.219B (+3% YoY), GAAP EPS of $1.25 (+9% YoY), and non-GAAP EPS of $1.51 (+4% YoY). Gross margins expanded 150 bps to 44.9% GAAP. However, the company issued Q3 revenue guidance of $1.36–$1.43B, implying a –5% to 0% constant-currency decline, citing a semiconductor supplier's manufacturing facility incident that is expected to reduce Q3 sales by $70–$80M.
- Q2 revenue $1.219B, up 3% YoY; GAAP EPS $1.25, up 9% YoY; non-GAAP EPS $1.51, up 4% YoY.
- GAAP gross margin 44.9%, up 150 bps YoY; non-GAAP gross margin 45.2%, up 140 bps YoY.
- Q3 revenue guidance $1.36B–$1.43B implies –5% to 0% constant-currency decline, including $70–$80M supplier-incident impact.
- Semiconductor supplier facility closed late June after a 'serious incident'; reopened September but capacity remains below required levels.
- Company returned $406M to shareholders in Q2 via annual dividend and share repurchases.
Extended-hours trading shows LOGI at $109.00, down 2.52% from the regular-session close of $111.82. The Q3 guidance cut — projecting a revenue decline of up to 5% in constant currency — is driving the after-hours selloff despite an otherwise solid Q2 beat.
A guidance cut driven by a supplier disruption overshadows an otherwise strong quarter — Logitech's 11th consecutive growth quarter — and tests whether the stock's premium multiple can hold through a multi-quarter revenue headwind.
Logitech's supplier disruption echoes broader semiconductor supply-chain fragility affecting hardware makers. The company's ability to still guide non-GAAP operating income of $220–$255M for Q3 despite the revenue headwind suggests pricing power and cost discipline that peers may lack.
The semiconductor supplier's manufacturing facility suffered a 'serious incident' and closed in late June; it reopened in September but current capacity is below required levels. Full production is not expected until end of calendar year, with $70–$80M estimated Q3 revenue impact. If ramp-up slips further, Q4 could also be affected.