Swiss-American maker of computer peripherals and software Logitech International SA (SWX: LOGN) reported its quarterly results for the third quarter ending December 31 in which the company recorded a 300% profit increase in the quarter.
The company is attributing this good performance to the pandemic which created a shit to people working and holding meeting from home via video conferencing and learners also schooling at home through online classes.
Logitech sales for gaming consoles also spiked up during the pandemic, the company says this was caused by shut down of cinemas, theatres and other recreational facilities.
In the third quarter, overall sales of Logitech increased to $1.67 billion representing an 85% increase. The third quarter has always been the quarter which Logitech records highest amount of sales.
Net profit for the company increased to $2.45 per share in the third quarter, this value is way up compared to the profit of $0.84 per share the company recorded a year earlier in a similar period.
“We are increasingly investing in our capabilities and people for the growth potential we see in the future,” said the company’s CEO Bracken Darrell.
Following this good performance Logitech adjusted its annual financial outlook, it now expects 2021 sales growth to increase by 57% to 60%. The company also adjusted its annual operating income estimate from $725 million to $1.05 billion.