mikirduit
$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.
