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Why it matters: You can add Logitech to the growing list of tech companies that not only survived the pandemic, but thrived during it. The Swiss-American peripheral maker in its latest earnings report said sales for the third quarter of fiscal year 2021 reached $1.67 billion, an increase of 85 percent compared to the same period a year prior.
Operating income grew an impressive 248 percent to $448 million, far surpassing the $129 million generated in the year-ago period, while non-GAAP earnings per share reached $2.45. Analysts were expecting earnings to be closer to $1.02 per share.
A year ago, investors earned just $0.84 per share for the three-month period.
As the pandemic ramped up in the early part of 2020 and companies started sending employees home en masse to work remotely, many of them had to scramble to assemble makeshift home offices. Companies like Logitech that sell products such as keyboards, mice and webcams suddenly found themselves in a prime position to capitalize.
A steady stream of new products across its portfolio hasn’t hurt, either.
Logitech also raised its fiscal year 2021 annual outlook to between 57 percent and 60 percent sales growth from its previous outlook of between 35 percent and 40 percent.
Share value is down around 3.4 percent as of writing but is up more than 104 percent compared to the same period in early 2020.