Switzerland-headquartered Logitech International saw its sales rocket in the second quarter of Fiscal Year 2021.
Q2 sales were $1.26 billion, up 75% in US dollars and 73% in constant currency, compared to Q2 of the prior year. This was the first time ever that Logitech’s quarterly sales exceeded the billion-dollar mark.
Q2 GAAP operating income grew 372% to $322 million, compared to $68 million in the same quarter a year ago.
“Our growth and profitability accelerated again this quarter, and we are raising our annual outlook,” said Bracken Darrell, Logitech president and chief executive officer. “The growth trends that drive our business have accelerated as society adjusts to its new reality. The organization leaders I speak to envision people increasingly working from multiple locations, a hybrid work culture that is emerging as the norm. And at home, the rise of gaming as a spectator and participant sport continues with no end in sight. Our products are essential to helping customers work, play and create wherever they are. Logitech is well positioned for long-term growth.”
The reasons are clear from the product categories seeing the boom - webcams, video collaboration and similar all saw triple-digit growth.
Logitech raised its Fiscal Year 2021 annual outlook to between 35 and 40 percent sales growth in constant currency, and a range of $700 million to $725 million in non-GAAP operating income. The Company’s previous outlook was between 10 and 13 percent sales growth in constant currency, and a range of $410 million to $425 million in non-GAAP operating income.