HONG KONG – VTech saw fiscal year revenue of $2.24 billion, a 5.4% decrease from $2.37 billion in the previous financial year.

Revenue in North America decreased by 7.8% to $984.8 million for the year, while revenue in Europe fell by 10.5% to $917 million. The company's revenue in Asia Pacific rose by 23.8% to $315.8 million, while revenue in its Other Regions, comprising Latin America, the Middle East and Africa, grew by 10% to $24.1 million.

"VTech reported a decline in revenue and profit for the financial year 2023, as the challenging macro-economic environment in North America and Europe resulted in lower sales of electronic learning products and telecommunication products," said Chairman and CEO Allan Wong. "This offset record revenue at contract manufacturing services as the supply of critical components improved."

The company said the macro-economic outlook for the coming year is uncertain, but the challenges posed by persistent inflation and high interest rates in the US and Europe look set to continue, leading customers to remain cautious when placing orders and managing inventories. With those uncertainties, VTech anticipates fiscal year 2024's revenues to remain flat.

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