Logitech International reported a 13.6per cent rise in quarterly sales on Tuesday as more people used its computer products while working from ...
Logitech International reported a 13.6per cent rise in quarterly sales on Tuesday as more people used its computer products while working from home due to the coronavirus crisis.
Logitech said demand accelerated in the three months to the end of March as schools and offices shut down to prevent the spread of the disease and their staff started using its video conferencing equipment, software and webcams.The rise in remote working - teachers giving lessons via video link and doctors giving virtual consultations - contributed to an increase in sales in the company's fiscal fourth quarter to US$709.2 million from US$624.3 million a year earlier.
Andreas Mueller, an analyst at Zuercher Kantonalbank, said the operating results were better than expected despite higher customs duties and freight costs. The star performers during the fourth quarter were video collaboration devices - cameras, microphones and software that enable online meetings. Sales increased by 60per cent. Logitech said it would continue to invest in the area with increased marketing and new products as it expects the trend to continue.
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