Logitech headquarters are pictured in Morges near Lausanne January 6, 2009. REUTERS/Denis Balibouse
On Tuesday, maker of computer peripherals – Logitech reported higher operating income and sales from the last quarter. The company revealed that it saw no period of slackening in the demand of its products which was in demand most especially by stay-at-home workers.
The company reported sales growth during the quarter that ended in June at 66 percent to $1.31 billion. This figure is up from $792 million from the previous year. The company also reported a non-GAAP operating income of $235 million, double the amount from the previous quarter.
Headquartered in Lausanne, Switzerland, Logitech manufactures computer peripherals – keyboards, mice webcams, etc., and software. The company was founded in Apples, Vaud, Switzerland, in 1981 by Stanford alumni Daniel Borel and Pierluigi Zappacosta, and former Olivetti engineer Giacomo Marini. The company has seen a massive improvement in its operations in recent months as people are still confined to their homes and work activities have to continue from home. Working at home and online gaming going mainstream continues to boost the company’s performance, creating new records and pushing sales further.
The unexpected increase in demand made Logitech raise its guidance five times while its stock price gained 87% in 2020. Logitech will replace Swatch Group in the Swiss blue-chip SMI index later this year in September, bourse operator SIX said earlier this month.
The computer peripherals company also revealed on Tuesday that it kept its guidance for the year to the end of March 2022, stating that it still expects non-GAAP operating income of $800 million to $850 million. It still expects sales growth in constant currency to be roughly in line with the previous financial year – up to 5% higher or lower.
Although a handful of companies suffered when the pandemic started and the trajectory seemed quite unclear, many companies have made quite some recovery and leveraged the pandemic to boost their operations. Logitech is one of such companies that have witnessed a pandemic-induced boost in sales.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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