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Work-From-Home Boom Helps Growth In Logitech’s Quarterly Sales


10/26/2021


Work-From-Home Boom Helps Growth In Logitech’s Quarterly Sales
Computer peripherals maker Logitech International SA reported a continued increase in demand for its products primarily from customers hunkered at home either working or studying resulting in the company registering growth in sales for its second quarter. 
 
There was a 4 per cent rise in the three-month period ended Sept. 30 at $1.31 billion, said the Swiss-American maker of keyboards, mice, and headsets, as it reported quarterly sale revenue of $1.31 billion which beat estimates of analysts in a Refinitiv poll of $1.25 billion in revenues of the quarter.
 
However, the company said in a statement that there was a 40 per cent decline in its non-GAAP operating income to $211 million during the reported quarter.
 
The Covid-19 pandemic period that started in 2020 has resulted in a boom in its business as employees of most companies were forced to work from home and hence purchased more of the company made keyboards and mice. The webcams manufactured by the company are also in high demand because of the need of consumers to participate in remote virtual meetings.
 
Another driver of the sale growth of the company are the players of games such as League of Legends, Fortnite, and other multiplayer games as these consumers purchased more of the company’s headsets, and keyboards, and controllers that are specially adapted for online and offline gaming purposes.
 
Its annual outlook for the financial year through March 2022 was maintained by the company on Tuesday as it said that it anticipated achieving an operating income of between $800 million to $850 million for the full year on a non-GAAP basis.
 
"We are confirming our full-year outlook, despite unprecedented supply chain industry challenges," Chief Executive Bracken Darrell said in a statement.
 
The company also forecasts flat sales growth in constant currency, plus or minus 5 per cent.
 
(Source:www.usnews.com)


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