Logitech has noticed an increased demand for its product lineup in the past three months as a significant number of people have adopted the work-from-home lifestyle that requires good quality video conferencing tools such as webcams, something Logitech has a good amount to supply.
In an earnings call, the company said it witnessed an increase in net sales accounting to $709.2 million for the fourth fiscal quarter, as compared to $624.3 million it generated last year.
"We have delivered five consecutive years at or near double-digit growth, and Logitech’s products have never been more relevant," said Logitech president and CEO Bracken Darrell in a statement. "Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business. The pandemic hasn’t changed these trends: it has accelerated them."
According to the company, the sales of webcams increased 34 percent in the fourth quarter and 8 percent in the fiscal year 2020, especially in America and the Asia Pacific. The company says the rapid growth is due to remote work, distance learning, and telemedicine adoption.
Also, as you might be aware, people have turned to games to keep themselves entertained during the pandemic. As a result, Logitech has seen an increased interest in its peripheral devices lineups such as computer mice and keyboards as well.
"We finished a solid year with a very strong fourth quarter. The COVID-19 pandemic introduces operational challenges, yet our ability to execute and strong long-term growth drivers give us the confidence to maintain our financial outlook for Fiscal Year 2021.", Logitech chief financial officer Nate Olmstead added.
Comments
Post a Comment