Logitech lifts annual forecasts for third time as quarterly profit soars | HT Tech

Logitech lifts annual forecasts for third time as quarterly profit soars

Demand for its video conferencing devices and computer gaming peripherals soared as more people worked from homes, while gaming console sales jumped as a result of shut down of cinemas and other leisure facilities.

By:REUTERS
| Updated on: Jan 19 2021, 11:41 IST
Logitech.
Logitech. (Unsplash)

Logitech International on Tuesday raised its annual forecasts and reported a more than three-fold jump in quarterly adjusted operating income, benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories.

The computer peripherals maker is raising the 2021 outlook for sales growth and profit for the third time. It now expects sales growth for the full year at 57% to 60% in constant currency terms and adjusted operating income of $1.05 billion.

You may be interested in

MobilesTablets Laptops
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Vivo X100 Pro 5G
  • Asteroid Black
  • 16 GB RAM
  • 512 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

Demand for its video conferencing devices and computer gaming peripherals soared as more people worked from homes, while gaming console sales jumped as a result of shut down of cinemas and other leisure facilities.

Also read
Looking for a smartphone? To check mobile finder click here.

Also read: Logitech MX Master 3 review: ‘Master' is in the name

Sales at the company, which makes mobile speakers, keyboards, mice and video conferencing devices, increased 85% to $1.67 billion in the third quarter, which has traditionally been the company's biggest sales period.

Logitech had previously forecast annual sales growth of 35% to 40% in constant currency terms and adjusted operating income between $700 million and $725 million.

"We are increasingly investing in our capabilities and people for the growth potential we see in the future," Bracken Darrell, Logitech chief executive officer said.

Excluding items, the Swiss-U.S. company's net profit rose to $2.45 per share in the three months ending December, up from $0.84 per share a year earlier.

Reporting by Anirudh Saligrama and John Revill.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 19 Jan, 11:41 IST
NEXT ARTICLE BEGINS