Logitech sales are soaring during the pandemic
A record-setting quarter for LogitechBy Shawn Knight
In a nutshell: "It was the best of times, it was the worst of times," is the opening line of Charles Dickens' famous novel A Tale of Two Cities. The phrase also accurately describes the state of many businesses during this unprecedented pandemic as people are constructing makeshift home offices and playing games now more than ever.
Logitech in announcing its second quarter results for fiscal year 2021 said it generated $1.26 billion in sales during the three-month period, a 75 percent increase compared to the same period a year ago. It also represents the first time that sales have exceeded the billion-dollar mark in a single quarter.
Operating income, meanwhile, grew an impressive 372 percent to $322 million, up from just $68 million in the same quarter a year earlier.
2020 started out like any other year but as the coronavirus gained momentum, it quickly morphed into something more akin to an episode of The Twilight Zone than base reality. As companies scrambled to send employees home to work remotely, sales of accessories to construct makeshift home offices soared.
The one-two punch continued as local governments issued shelter in place orders in an effort to curb the spread of the virus. With little else to do, many turned to gaming and other online activities to pass the time, resulting in further sales of products like keyboards, mice and headsets.
Image credit: Ismail Sadiron, Mr.Mikla