Logitech Sales Rise 66 Percent on Higher Demand Amid Work-From-Home Activity


Computer peripherals maker Logitech said on Tuesday it was seeing no let-up in demand from stay-at-home workers, after reporting higher operating income and sales at the start of its 2022 business year.

Sales rose 66 percent to $1.31 billion (roughly Rs. 9,748 crores) during the three months to the end of June, up from $792 million (roughly Rs. 5,893 crores) a year earlier. Non GAAP operating income doubled to $235 million (roughly Rs. 1,748 crores) in the first quarter.

Trends like working from home and the rise of online gaming continued to fuel Logitech’s performance as it lapped tough comparisons with last year’s pandemic-boosted sales.

The Swiss-American company, which makes computer keyboards, mice and webcams, has been boosted in recent months as more people worked from home during the COVID-19 pandemic.

The unprecedented surge in demand made Logitech raise its guidance five times while its stock price gained 87 percent in 2020.

From September, Logitech will replace Swatch Group in the Swiss blue-chip SMI index, bourse operator SIX said earlier this month.

On Tuesday, Logitech kept its guidance for the year to the end of March 2022, saying it still expects non GAAP operating income of $800 million (roughly Rs. 5,952 crores) to $850 million (roughly Rs. 6,324 crores). It still expects sales growth in constant currency to be roughly in line with the previous financial year — up to 5 percent higher or lower.

© Thomson Reuters 2021




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