On Tuesday, Logitech International said, it has raised its annual forecasts which saw a three-fold jump in quarterly adjusted operating income, driven by a pandemic-driven boost in demand for work-from-home products and gaming accessories.
The development sees Logitech raise its 2021 outlook for sales growth and profit for the third time. With this guidelines, it expects sales growth for the full year to reach 57% to 60% in constant currency terms and adjusted operating income of $1.05 billion.
With more people working from home, Logitech has seen demand jump for its video conferencing devices and computer gaming peripherals, while sales of gaming console have jumped as a result of shut down of cinemas and other leisure facilities.
Sale of Logitech’s mobile speakers, video conferencing, keyboards, mice and devices, increased from 85% to $1.67 billion during the third quarter.
Previously, Logitech had forecast annual sales growth of 35% to 40% in constant currency terms and adjusted operating income between $700 million and $725 million.
“We are increasingly investing in our capabilities and people for the growth potential we see in the future,” said Bracken Darrell, Logitech’s CEO. Excluding items, Logitech’s net profit rose to $2.45 per share in the three months ending December, up from $0.84 per share a year earlier.