December 4, 2020

Dawson County Journal

Serving Dawson County Nebraska

Logitech reports 75% jump in quarterly sales, raises full-year outlook

Logitech reports 75% jump in quarterly sales, raises full-year outlook

October 20, 2020

(Reuters) – Logitech International <LOGN.S> on Tuesday reported a surge in second-quarter revenue and net profit as the computer peripherals maker benefited from a shift to working from home during the COVID-19 pandemic.

The maker of computer keyboards and mice also raised its full-year forecast, saying it now expects annual sales to increase between 35% and 40% in constant currencies and non-GAAP operating income of between $700 million and $725 million.

“The growth trends that drive our business have accelerated as society adjusts to its new reality,” said Chief Executive Officer Bracken Darrell in a statement.

“The organization leaders I speak to envision people increasingly working from multiple locations, a hybrid work culture that is emerging as the norm.”

The Swiss-U.S. firm has been profiting from people working from home, which has driven a rise in video calls, and companies refitting their offices to comply with social distancing restrictions.

Logitech said sales rose 75% to $1.26 billion in the three months to the end of September. Net income rose to $266.9 million from $73 million a year earlier.

(Reporting by Sabahatjahan Contractor in Bengaluru and John Revill in Zurich; Editing by Amy Caren Daniel)