Logitech: profit beats expectations, shares soar
(CercleFinance.com) - Logitech, the world's largest computer mouse maker, confirmed its fiscal year 2020 outlook on Tuesday after first-quarter earnings beat analysts' expectations.
Logitech - which also makes music, gaming and video accessories - posted a 11% rise in quarterly operating profit to 67 million dollars, which was ahead of the average estimate.
First-quarter sales came in at 644 million dollars, up 6% in US dollars and 9% at constant currency, it added.
Logitech said it achieved double-digit growth across a number of categories, including video collaboration systems.
Analysts at UBS hailed "overall good results," that should be considered as "reassuring," also noting that "diversification benefits."
Logitech confirmed its fiscal year 2020 outlook of mid-to-high single-digit sales growth at constant currency and 375 million to 385 million dollars in non-GAAP operating income.
The Swiss company also confirmed that Nate Olmstead has been appointed as the company's new chief financial officer. He joined Logitech in 2019 as vice president of business finance, from Hewlett Packard Enterprise.
The shares were up 7% in Zurich after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Logitech - which also makes music, gaming and video accessories - posted a 11% rise in quarterly operating profit to 67 million dollars, which was ahead of the average estimate.
First-quarter sales came in at 644 million dollars, up 6% in US dollars and 9% at constant currency, it added.
Logitech said it achieved double-digit growth across a number of categories, including video collaboration systems.
Analysts at UBS hailed "overall good results," that should be considered as "reassuring," also noting that "diversification benefits."
Logitech confirmed its fiscal year 2020 outlook of mid-to-high single-digit sales growth at constant currency and 375 million to 385 million dollars in non-GAAP operating income.
The Swiss company also confirmed that Nate Olmstead has been appointed as the company's new chief financial officer. He joined Logitech in 2019 as vice president of business finance, from Hewlett Packard Enterprise.
The shares were up 7% in Zurich after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.