Record Year For Logitech As Remote Work Surges
Logitech has trumpeted its “best year ever”, with 76 per cent sales growth in US dollars over the fiscal year to March 31.
The Switzerland-based company raked in $5.25 billion USD ($6.80 billion AUD) in revenue during the year, with a 315 per cent jump in GAAP operating income to $1.15 billion USD ($1.49 billion AUD).
Bracken Darrell, Logitech president and CEO, celebrated the result, which also included 117 per cent sales growth in the fourth quarter year-on-year.
“It has been rewarding to see Logitech’s products play an essential role enabling work, creation, connection and entertainment as our homes became schools, offices and playgrounds.
“Our powerful and resilient capabilities allowed us to both deliver remarkable performance in a challenging FY 2021 and, at the same time, invest in compelling plans for the future. The world has just caught a glimpse of what Logitech will become,” he said.
CFO Nate Olmstead chalked the record result up to growth in areas such as remote work during the COVID-19 pandemic.
“The trends that fueled our growth pre-pandemic – work from anywhere, video everywhere, esports and the democratization of content creation – all accelerated.
“As our market opportunities have expanded, and we have become a larger, more profitable company, we’re investing in our capabilities to accelerate our innovation, reach new customers and deliver strong financial returns over the long-term,” he said.
The company has raised its FY2022 outlook for non-GAAP operating income to between $800 million and $850 million USD.