Expectations for the 2020/2021 financial year have been significantly increased.
The Logitech Group, which offers peripheral devices for computers, is benefiting greatly from the trend towards home offices in the corona pandemic. There has been a massive increase in sales of accessories for video conferencing. Sales of PC webcams, tablets and other accessories as well as video transmission products climbed by more than 100 percent in the third quarter compared to the same period in the previous year, as Logitech announced on Tuesday.
Sales of computer mice, Logitech's traditional product, grew 38 percent, while keyboard sales rose 40 percent. But not only working on the computer, but also gaming (+78 percent) were not neglected.
Overall, the group's third-quarter sales increased 85 percent to $ 1.67 billion. The operating profit of the Swiss-American computer accessories manufacturer shot up with an increase of 248 percent to 448 million dollars. Cash flow increased to $ 530 million (prior year period: $ 181 million).
Due to the strong demand for IT products, Logitech is raising its expectations for the 2020/2021 financial year. At constant exchange rates, sales should increase by 57 to 60 percent instead of the previously estimated 35 to 40 percent.
