Logitech: shares rise on strong earnings beat

(CercleFinance.com) - Logitech shares were up over 3% on Tuesday morning, after the Swiss maker of computer peripherals reported a better-than-expected quarter.


The Lausanne-based company said its operating profit more than tripled in the past quarter, as sales jumped 85%.

Sales reached nearly 1.7 billion dollars in its fiscal third quarter, above the consensus of 1.3 billion dollars, while operating profit more than tripled to 448 million dollars, from 129 dollars million in the same quarter a year ago.

In its statement, Logitech said it benefited from current demand trends stemming from remote working and education, video collaboration, e-sports, and digital content creation.

The manufacturer of tech accessories also raised its annual outlook, now expecting sales growth of between 57% and 60%, compared to 35%-40% previously.

The company also raised its operating profit forecast to approximately 1.05 billion dollars, from a previous range of 700-to-725 million dollars.

Despite their recent rally, the shares extended their winning streak, adding 3% on the SIX Swiss Exchange on Tuesday.

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