Logitech (LOGI) - Get Report posted blockbuster fiscal second-quarter earnings and sales and also raised its full-year sales forecast amid a surge in pandemic-induced work- and play-from-home demand for its gear and devices.
Logitech reported fiscal second-quarter sales of $1.26 billion and per-share earnings of $1.87 - both well above analysts’ forecasts and above the billion-dollar mark for the first time in its history. Operating income rang in at $321.6 million vs. $68.1 million a year ago.
Logitech also said it now sees full-year sales rising between 35% and 40% from year-ago levels, up substantially from previous forecasts of sales being up between 10% and 13%. Full-year operating income is expected to fall between $700 million and $725 million vs. previous forecasts of between $410 million and $425 million.
"The growth trends that drive our business have accelerated as society adjusts to its new reality,” CEO Bracken Darrell said, noting the global shift to working from multiple locations and hybrid work culture emerging as the norm will continue to propel the demand for its products.
A surge in demand for gaming “as a spectator and participant sport” also helped propel the demand for the company’s gaming-specific devices, Darrell said.
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