Logitech’s Growth Accelerates During COVID, Revenue Up 23%
In the second quarter of 2020 Logitech’s sales rose by 23% year-on-year (y-o-y) to $792 million, driven by demand for technology during the COVID-19 lockdowns.
“Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios,” said Bracken Darrell, Logitech President and CEO.
“Logitech’s business was already positioned to growth from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before.”
In Q2 2020 cash flow from operations reached $199 million, compared to $37 million a year ago. Meanwhile, GAAP earnings per share grew by 56% y-o-y to $0.64.
Overall, gross profit grew by 28% y-o-y to $305.7 million.
On the back of these strong results, Logitech is raising its FY21 annual sales outlook from single-digit sales growth to 10-13% in constant currency.