02. February 2021
Daniel Pfund, Senior Financial Analyst
Logitech announced results for the fourth calendar quarter (3rd fiscal quarter) that exceeded all expectations. Revenues were up 85% to $1.67 billion and operating income more than tripled to $476 million.
Logitech took full advantage of the Christmas shopping season, but especially of the continued containment in certain parts of the world. People who have to stay at home need equipment for teleworking, but also equipment to entertain themselves with video games. Two trends that are directly positive for Logitech, which sells webcams for teleworking, and also game console accessories such as headsets, joysticks and other interfaces. Distance learning, video collaboration, e-sport and digital content creation are all long-term trends that Logitech has been able to capitalize on.
The company has also increased its targets for the full fiscal year (ending end of March) and is now targeting a sales increase of between 57% and 60% (up from 35%-40% previously).