Logitech Raises Annual Forecasts on Successful Quarter
Logitech raised its annual forecasts and reported a more than three-fold soar of quarterly adjusted operating income as a result of rising demand for video conferencing devices and gaming accessories amid the COVID-19 pandemic.
Indeed, as working from home has become the new reality, work-from-home products became a major buy, while the lockdown-infused fall of leisure activities has increased game console sales.
In fact, it is now the third time the tech company is raising its 2021outlook for sales growth and profit. Logitech now expects sales growth for the full year at 57%-60% and adjusted operating income at $1.05 billion, adjusted from 35%-40% growth and $700 million to $725 million income, respectively.
The company's sales have increased 85% to $1.67 billion in the third quarter, while net profit rose to $2.45 per share in the three months ending December, up from $0.84 per share a year earlier.
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