On the thirtieth of September, Logitech’s calendar ended the second quarter of the fiscal year, but its results allowed the company to believe in its ability to increase revenue and profit for the entire year on a somewhat larger scale than previously planned. Now it expects to earn $50–80 million more by the end of the year than it could initially claim.
Image source: Logitech
Last quarter, Logitech’s operating income rose 5% to $193 million, beating analysts’ expectations of $176 million. The peripheral device maker’s revenue for the same period rose 6% to $1.12 billion, while analysts had expected no more than $1.1 billion. For this company, which has long suffered from low demand for its products after the pandemic, this is a very good sign.
The company’s chief financial officer, Matteo Anversa, emphasized that the good results of the past quarter and the overall growth of the business allow it to raise its annual forecast for revenue and profit. In particular, for the entire fiscal year, Logitech now expects to earn from $4.39 to $4.47 billion. Operating profit for the year should fall within the range of $720 to $750 million. Previously, the boundaries of this range were $20 million lower.