Logitech has reported a 13.6% increase in quarterly sales due to the surge in remote work during the coronavirus pandemic. The company’s sales rose to $709.2 million in the three months ending March, up from $624.3 million the previous year.
Remote Work Demand for Logitech Products
As schools and offices shut down, people turned to Logitech’s video conferencing equipment, software program and webcams to stay connected. This led to a significant increase in sales, particularly in the Americas and Asia Pacific regions.
Gaming and Streaming Also See a Boost
With people spending more time at home, gaming and streaming have become increasingly popular. Logitech’s sales of gaming keyboards, mouse and headsets rose 8% despite a challenging comparison to the previous year’s Fortnite-driven demand.
Logitech’s Strong Performance
Logitech’s operating income rose 23.3% to $79 million, beating expectations. The company’s annual non-GAAP operating profits also exceeded targets, reaching $387 million.
Positive Outlook
Logitech has retained its forecast for mid-single-digit percentage revenue growth in constant currencies for the year ending March 2021, with operating profit expected to rise to $380-400 million. The company’s strong balance sheet and attractive stock make it a promising investment opportunity.
Stock Price Rises
Logitech’s shares rose 3% in early trading on the Swiss exchange, reflecting the company’s strong performance and positive outlook.
