Logitech’s sales, profit jump
The firm upgraded its sales growth forecasts to between 57%-60%
Stocks impacted: Logitech International (LOGI)
Logitech International announced financial results for the third quarter of the fiscal year 2021. The company’s net income significantly increased to $382.52 million or $2.22 per share from $117.53 million or $0.69 per share in the prior year. The computer peripherals maker's sales jumped 85% to $1.67 billion in the third quarter. For the fiscal year 2021, Logitech upgraded its sales growth forecasts to between 57%-60%, up from the previous outlook of between 35%-40%. The firm reported a more than three-fold jump in quarterly adjusted operating income, benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories. As a result, the company raised its annual forecasts and now expects an adjusted operating income of $1.05 billion.
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