Logitech lifts annual forecasts for third time as quarterly revenue soars By Reuters

© Reuters. FILE PHOTO: Logitech keyboards are seen within the pc store in Zenica


(Reuters) – Logitech (NASDAQ:) Worldwide on Tuesday raised its annual forecasts and reported a greater than three-fold soar in quarterly adjusted working earnings, benefiting from a pandemic-driven enhance in demand for work-from-home merchandise and gaming equipment.

The pc peripherals maker is elevating the 2021 outlook for gross sales progress and revenue for the third time. It now expects gross sales progress for the complete 12 months at 57% to 60% in fixed forex phrases and adjusted working earnings of $1.05 billion.

Demand for its video conferencing units and pc gaming peripherals soared as extra folks labored from houses, whereas gaming console gross sales jumped on account of shut down of cinemas and different leisure services.

Gross sales on the firm, which makes cell audio system, keyboards, mice and video conferencing units, elevated 85% to $1.67 billion within the third quarter, which has historically been the corporate’s greatest gross sales interval.

Logitech had beforehand forecast annual gross sales progress of 35% to 40% in fixed forex phrases and adjusted working earnings between $700 million and $725 million.

“We’re more and more investing in our capabilities and other people for the expansion potential we see sooner or later,” Bracken Darrell, Logitech chief government officer mentioned.

Excluding gadgets, the Swiss-U.S. firm’s web revenue rose to $2.45 per share within the three months ending December, up from $0.84 per share a 12 months earlier.

(Story corrects to say greater than, not practically, three-fold soar in paragraph 1)

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