Logitech (NASDAQ:LOGI) Posts Better-Than-Expected Profits After Raising Profit Guidance

Logitech (NASDAQ:LOGI) Posts Better-Than-Expected Profits After Raising Profit Guidance

Shares of Logitech International SA (NASDAQ:LOGI) are up more than 6% today after the company raised its full year profit guidance. The company’s online gaming accessories and mobile speakers showed record improvement in sales enabling Logitech to book better profits. The new developments have improved the company’s standing.

There has been a very strong demand for the company’s speakers particularly. Also, the increase sales for its voice collaboration devices contributed to the rise in profit in the latest quarter. These new figures are satisfying shareholders, and the prospects of the Swiss-US company depend heavily on them.

A milestone quarter for Logitech

Chief Executive Officer and President of Logitech Bracken P. Darrell said that his company delivered strong performance with indications evident across their businesses. According to Darrell, this was a milestone quarter for Logitech, and the company has “emerged as a new organization” with the exiting of its OEM business and separation from Lifesize.

Darrell said that the numbers mean the future of the company is bright as Logitech’s operating and income cash flows were stable and strong. Combined constant currency including video collaboration, mobile speakers, and gaming grew by 34%.

Net profit for the company for the third quarter surged to $65.1 million from $62.8 million. This was much higher than analyst expectations of around $49 million. Similarly, sales went up to $621 million from $604 million.

The company said that it is expecting full-year operating income to increase to around $170 million, $20 million up from earlier forecasts.