Pc components and peripherals maker Logitech carries on to benefit from the shift to remote do the job and on-line understanding, reporting (as soon as yet again) explosive profits development throughout its core product strains.
The organization manufactures equipment and peripherals such as keyboards, headsets, cameras, and video clip conferencing gear — all of which have been in continual desire amid the ongoing coronavirus pandemic and corporate work-from-residence guidelines.
Logitech’s momentum appears to be heading strong as the organization lifted its full-yr direction for the 3rd time this fiscal 12 months. Logitech stated it now expects annual product sales advancement to be amongst 57% and 60% for fiscal 2021, up from its prior phone calls for 35% to 40% progress. It also expects non-GAAP operating money of $1.05 billion, up from $700 million to $725 million.
On Tuesday, Logitech documented third quarter gross sales of $1.67 billion, up 85% from a calendar year ago, with web profits of $423 million. Non-GAAP earnings for the quarter ended up $2.45 a share. Wall Street was predicted earnings of $1.02 for every share on profits of $1.23 billion.
Among the other brain boggling advancement numbers, Logitech said Computer system webcam profits were up 309% in the third quarter. Meanwhile, video collaboration profits in Q3 ended up up 218% and keyboard income were up 40%. Tablet and components gross sales also surged 342%.
Revenue in some product classes, such as intelligent household and mobile speakers, declined during the quarter. Logitech explained the decrease in these spots have been envisioned, noting that speaker income have endured because of to restricted outdoor functions and social gatherings. Nevertheless, the business is self-confident that secular trends like distant work and videoconferencing will keep on to generate up earnings.
“This quarter’s file results display the strength of our portfolio, addressing lengthy-phrase advancement developments in remote work and training, online video collaboration, esports and digital articles development,” mentioned Logitech CEO Bracken Darrell. “Logitech has by no means been a lot more suitable to our customers’ operate, enjoy and creativeness.”