Logitech triples its Profits due to the rise of Teleworking and Online Classes

The manufacturer of computer peripherals Logitech registered a net profit of 382.5 million dollars (315.4 million euros) in the third quarter of its fiscal year, ended in December, which represents more than tripling the profits recorded in the same quarter of the previous year, as reported by the company.The firm’s data is not exclusive to the third quarter, but has been happening since the pandemic began. In the whole of the first nine months of the fiscal year, Logitech obtained a net profit of 721.5 million dollars (594.9 million euros), the triple than in the same period of the previous year.

“This quarter’s record results demonstrate the strength of our portfolio, picking up long-term growth trends in remote work and education, video collaboration, esports and digital content creation,” stated the company’s president and CEO. , Bracken Darrell.

“We are increasingly investing in our capabilities and our people for the growth potential we see in the future. Logitech has never been more relevant. [que ahora] for the creativity, play and work of our clients “, added the executive.

The company’s turnover in the third fiscal quarter rose 85%, to 1,667.3 million dollars (1,374.7 million euros). Revenues from the gaming products division, including those from the Streamlabs service, grew by 78%, to 436.4 million dollars (359.8 million euros), while that of video collaboration tripled, up to 292.5 million (241.2 million euros).

Keyboard sales grew 40%, to 218.3 million (180 million euros) and those of mice advanced 38%, to 213.7 million dollars (176.2 million euros). On his side, audio devices and wearables rose 87%, to 152.9 million dollars (126.1 million euros).

The largest growth was for the webcam division, which quadrupled its sales, to 131.7 million (108.6 million euros), and that of tablets and other accessories, whose revenues reached 138 million (113.8 million euros), more than quadruple.

In the quarter, the company recorded costs for products sold of 914.9 million dollars (754.2 million euros), 62.1% more, while the marketing and sales item rose 51.6%, up to 204.5 million dollars (168.6 million euros). Research and development (R&D) expenditures were $ 53.9 million (€ 44.4 million).