Logitech International SA shares ended Wednesday's session as the top gainer in Europe, after the Swiss-American tech device maker posted stronger-than-expected quarterly revenues and confirmed its 2017 growth outlook.
Logitech shares rose more than 18% in Switzerland, hitting an 8-year high of Sfr25.1 each while its US listing ( (LOGI) - Get Report )added 17.5% in early Wednesday trading in New York to change hands at $25.24 per share.
The Lausanne, Switzerland and Newark, California-based group said late Tuesday that revenues in its fiscal second quarter rose 9% to $564 million and forecast that it would see and 8% to 10% advance in 2017 retail sales growth.
Second quarter retail revenue grew by 14%, the company said, while non-GAAP earnings were pegged at $0.35 per share. Analysts at JPMorgan were anticipating EPS of $0.27 per share on revenues of $521 million against a consensus of $0.25 per share and $525 million.
Earlier this year, Logitech, which makes Bluetooth speakers and various PC devices, paid $50 million in cash for Salt Lake City-based Jaybird, which makes wireless headphones that are likely to be attractive to buyers of the new iPhone7.
Apple said Tuesday that it expects revenues to top $76 billion in the current quarter, with iPhone sales likely to account for around 75% of that record figure.