Logitech ended a two-and-a-half-year sales slump with a return to growth

Logitech's keyboards, mice, webcams and video-conferencing gear sold enormously during the pandemic work-from-home boom, then collapsed as people returned to offices and demand normalized.

Rather than chase the old volume, the company cut costs, tightened its portfolio and re-centred on durable categories: gaming, video collaboration and the new ways of working. It also brought in a new CEO, Hanneke Faber, in early 2024.

Under interim CEO Guy Gecht it had already slowed the sales decline and beaten pre-pandemic profit levels; the disciplined cost base and focus carried into the new leadership.

For Q4 FY2024 sales grew 5% to $1.01 billion and GAAP EPS jumped 312% to $1.07. Full-year sales were down 5% to $4.30 billion but GAAP EPS rose 74% to $3.87, and management said it had 'exceeded our pre-pandemic profit levels.'

Logitech's Q4 FY2024 sales rose 5% to $1.01 billion and GAAP EPS jumped 312% to $1.07, ending a long slide.

Cutting costs during the slump protected margins as revenue fell.

Re-centring on gaming and video collaboration tied Logitech to durable demand.

Accepting some revenue loss let it reset the business instead of forcing volume.

Hiring a new CEO to drive sustainable, profitable growth rather than a rebound.

A company riding a one-off boom must cut costs and re-ground itself before the boom deflates — the turnaround decision is accepting lower revenue to reset margin and re-centre on durable categories.

Logitech guided to 0-2% US-dollar sales growth for fiscal 2025 and framed its new mission as 'extending human potential in work and play,' expanding into AI-adjacent categories. The 2024 return to growth marked the end of the post-pandemic hangover and the start of a more profitable, focused company.