Computer peripherals maker Logitech said on Tuesday it was seeing no let-up in demand from stay-at-home workers, after reporting higher operating income and sales at the start of its 2022 business year.
Sales rose 66% to US$1.31-billion during the three months to end-June, up from $792-million a year earlier. Non-Gaap operating income doubled to $235-million in the first quarter.
Trends like working from home and the rise of online gaming continued to fuel Logitech’s performance as it lapped tough comparisons with last year’s pandemic-boosted sales.
The Swiss-American company, which makes computer keyboards, mice and webcams, has been boosted in recent months as more people worked from home during the Covid-19 pandemic.
The unprecedented surge in demand made Logitech raise its guidance five times while its stock price gained 87% in 2020.
From September, Logitech will replace Swatch Group in the Swiss blue-chip SMI index, bourse operator SIX said earlier this month.
On Tuesday, Logitech kept its guidance for the year to the end of March 2022, saying it still expects non-Gaap operating income of $800-million to $850-million. It still expects sales growth in constant currency to be roughly in line with the previous financial year — up to 5% higher or lower. — Reported by Akriti Sharma and John Revill, (c) 2021 Reuters