Logitech International SA. reported a third-quarter FY22 sales decline of 2 percent year-on-year to $1.63 billion, beating the consensus of $1.27 billion. Category sales grew 29 percent Y/Y in Keyboards & Combos and 8 percent Y/Y in Pointing Devices and Gaming. Video Collaboration was down 2 percent Y/Y. Margins The non-GAAP gross margin contracted 460 bps to 40.6 percent. Non-GAAP operating income declined 37 percent to $302 million, and the corresponding margin contracted 1,010 bps to 18.5 percent. Non-GAAP EPS of $1.55 beat the consensus of $1.10. Logitech generated $377 million in operating cash flow and held $1.4 billion in cash and equivalents. “Our Q3 results reflect the strength of our operational capabilities, innovation engine, and the choices we made to position ourselves in line with the long-term trends affecting work, play, and creating,” CEO Bracken Darrell said. Outlook Logitech raised its FY22 outlook to 2 percent–5 percent sales growth in …