Logitech published its quarterly financial results today, revealing that the company’s third-quarter sales fell 22 percent compared to Q3 last year. The decline confirms most of the preliminary results announced by the computer peripherals maker on January 11th, indicating a slowdown in customers buying home office and business equipment amid growing global inflation and the lifting of covid restrictions.

Logitech’s revenue for the third quarter ending December 31st, 2022 fell to $1.27 billion, compared to the company’s preliminary figures showing that sales had fallen to between $1.26 and $1.27 billion. The company noted a decline in sales across all categories, with gaming falling 16 percent, video collaboration (conferencing equipment) falling 21 percent, and keyboards and keyboard-and-mouse bundles falling 22 percent compared to Q3 the previous year.

“These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending,” said Bracken Darrell, Logitech president and chief executive officer, in a press statement. 

Logitech saw a huge increase in demand for its home office peripherals and gaming hardware during global covid lockdowns, but sales have fallen as countries have lifted restrictions and workers have returned to offices. Rising inflation has also reduced the disposable income of customers. 

While sales show a year-over-year decline, the figures are still significantly higher than those reported prior to the covid pandemic — Logitech’s Q3 sales for 2019 hit $864 million with Q3 GAAP operating income reaching $123 million the same year (compared to $204 million this quarter). These figures suggest that Logitech’s earnings are stabilizing back to pre-covid levels, and are still above what would be expected.