Nvidia pushes back on AI bubble narrative as Blackwell drives Q3 beat, shares jump
LAUSANNE, Switzerland - Logitech International (SIX:LOGN) (Nasdaq:LOGI) disclosed Friday that it recently experienced a cybersecurity incident involving unauthorized data access, though the company stated its products, business operations and manufacturing remain unaffected. The $17.5 billion market cap computer peripherals maker has demonstrated strong financial resilience, with its stock trading near 52-week highs after gaining over 34% in the past year.
According to a press release statement, the computer peripherals maker detected that an unauthorized third party exploited a zero-day vulnerability in a third-party software platform to copy certain data from Logitech's internal IT systems.
The company said the compromised data likely included limited information about employees, consumers, customers and suppliers. Logitech noted it does not believe sensitive personal information such as national ID numbers or credit card details were housed in the affected system.
The vulnerability has since been patched following its release by the software platform vendor, and Logitech has begun notifying required government entities about the breach.
The Swiss-American technology firm engaged leading external cybersecurity firms to investigate and respond to the incident. Logitech stated it does not expect the breach to have a material adverse effect on its financial condition or results of operations. This assessment aligns with the company's solid financial position – InvestingPro data shows Logitech holds more cash than debt and maintains liquid assets exceeding short-term obligations, with an impressive Altman Z-Score of 12.09 indicating very low bankruptcy risk.
The company maintains a comprehensive cybersecurity insurance policy that it expects will cover costs associated with incident response, forensic investigations, potential business interruptions, legal actions and regulatory fines, subject to policy limits and deductibles. With a current P/E ratio of 27.08 and trading near its Fair Value according to InvestingPro analysis, Logitech appears well-positioned to absorb any financial impact from this incident. InvestingPro identifies 14 additional investment tips for Logitech, including insights on management's share buyback activity and profitability forecasts.
Logitech, founded in 1981, designs software-enabled hardware solutions for businesses and consumers in the working, creating and gaming segments. The company generated $4.68 billion in revenue over the last twelve months with a healthy 43% gross profit margin.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.