Logitech raises annual forecast by 3 times benefitting from pandemic

Computer peripherals maker Logitech International has informed that it has raised its annual forecasts and reported a nearly three-fold jump in its quarterly adjusted operating income benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories.

Logitech is raising the 2021 outlook for sales growth and profit for the third time. It now expects sales growth for the full year at 57 per cent to 60 per cent in constant currency terms and adjusted operating income of $1.05 billion.

Demand for its video conferencing devices and computer gaming peripherals rose as more people worked from homes, while sales of its gaming consoles jumped as a result of shut down of cinemas and other leisure facilities.

Sales at the company, which makes mobile speakers, keyboards, mice and video conferencing devices increased 85 per cent to $1.67 billion in the third quarter which has traditionally been the company's biggest sales period.

Earlier, Logitech had forecast annual sales growth of 35 per cent to 40 per cent in constant currency terms and adjusted operating income between $700 million and $725 million.