Logitech Withdraws 2026 Outlook Over Tariff Concerns
(Bloomberg) — Logitech International SA withdrew its full year 2026 outlook due to “continuing uncertainties” over US tariff policy while reaffirming its full year 2025 outlook.
Shares of the computer mouse and keyboard maker have fallen by nearly 40% from February as Logitech has no US manufacturing presence and generates the bulk of sales from the US. The company is set to announce full year earnings on April 29.
As recently as the third quarter, the Swiss company said it remained on track to diversify its manufacturing footprint, with well over half of units shipped to North America coming from locations outside of China by the end of full year. US President Donald Trump this week announced a 90-day pause for tariffs on many countries but imposed 145% effective tariffs on China.
Before the pause was announced, Swiss exports to the US were slated to have a 32% tariff, far higher than the 20% for the neighboring EU. It’s also more than triple the 10% level on the UK which, like Switzerland, is outside the bloc.
Still, the Swiss company on Friday confirmed its current 2025 outlook of between $4.54 billion and $4.57 billion in net sales, representing year-over-year sales growth of 5.4% and 6.4% in US dollars.
“This is an unsurprising and sensible move from the company,” Vontobel analyst Michael Foeth said of the decision to withdraw its 2026 outlook. “Margins will certainly be challenged,” he said, adding that he expects gross margin impact would be in the range of 700-950 basis points.
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