Logitech reported a 13.6 percent increase in quarterly sales on Tuesday as more people use their computer products while working from home due to the coronovirus crisis.
Logitech Said that demand accelerated by the end of March in three months as schools and offices closed to prevent the spread of the disease and their employees began using their video conferencing equipment, software and webcams.
Increase in distance work – teachers teaching lessons and virtual counseling doctors via video links – boosted the company’s fiscal fourth-quarter sales growth to $ 709.2 million (about 5,350) from $ 624.3 million (roughly Rs 4,700 crore). Crore rupees). one year ago.
“Video conferencing, working remotely, creating and streaming content, and gaming are the long-term secular trends driving our business,” said Bracken Darrell, CEO Statement. “The epidemic has not changed these trends; it has given them momentum.”
Logitech’s operating income grew 23.3 percent to $ 79 million (about Rs 596 crore) on a non-GAAP accounting basis.
For the full year, the company reported a 6.7 percent increase in sales, meeting the forecast for a mid-to-high-single-digit percentage increase, while its annual non-GAAP operating income was $ 387 million ( 2,920 crores approximately). , Its target range is $ 365 – 375 million (approx. Rs. 2,750 crore – Rs. 2,830 crore).
Logitech retained the forecast given in March for mid-single-digit percentage sales growth in consecutive currencies by the end of the year 2021 and increased operating profit to $ 380-400 million.
Andreas Mueller, an analyst at Jurecher Kantonalbank, said the operating results were better than expected despite higher customs duties and freight costs.
“The stock remains attractive, thanks in part to a strong balance sheet,” Mueller said. The company’s shares rose 3.3 percent in early trading on the Swiss Exchange.
Star performers during the fourth quarter were video collaboration tools – The cameras, Microphones, and software that enable online meetings. Sales increased by 60 percent. Logitech said it will continue to invest in the region with increased marketing and new products as it expects the trend to continue.
Pc sale webcam Jumping 32 percent, with particularly strong growth in the US and Asia Pacific, Logitech said, working remotely also helped.
People at home were spending more time playing computer games, with sales of which The keyboard, The mice, And an 8 percent increase in gaming sales, despite being tougher than last year when demand rose due to success Fortnite sport.
© Thomson Reuters 2020
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