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Logitech Sales Rise 66 Percent on Higher Demand Amid Work-From-Home Activity

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Computer peripherals maker Logitech mentioned on Tuesday it was seeing no let-up in demand from stay-at-home employees, after reporting larger working revenue and gross sales firstly of its 2022 enterprise 12 months.

Sales rose 66 p.c to $1.31 billion (roughly Rs. 9,748 crores) through the three months to the tip of June, up from $792 million (roughly Rs. 5,893 crores) a 12 months earlier. Non GAAP working revenue doubled to $235 million (roughly Rs. 1,748 crores) within the first quarter.

Trends like working from dwelling and the rise of on-line gaming continued to gasoline Logitech’s efficiency because it lapped powerful comparisons with final 12 months’s pandemic-boosted gross sales.

The Swiss-American firm, which makes pc keyboards, mice and webcams, has been boosted in current months as extra individuals labored from dwelling through the COVID-19 pandemic.

The unprecedented surge in demand made Logitech elevate its steerage 5 occasions whereas its inventory value gained 87 p.c in 2020.

From September, Logitech will exchange Swatch Group within the Swiss blue-chip SMI index, bourse operator SIX mentioned earlier this month.

On Tuesday, Logitech stored its steerage for the 12 months to the tip of March 2022, saying it nonetheless expects non GAAP working revenue of $800 million (roughly Rs. 5,952 crores) to $850 million (roughly Rs. 6,324 crores). It nonetheless expects gross sales development in fixed forex to be roughly in keeping with the earlier monetary 12 months — as much as 5 p.c larger or decrease.

© Thomson Reuters 2021


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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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