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Logitech Shares Are Rocketing As Covid-19 Boost Home Working

News Link: Logitech Shares Are Rocketing As Covid-19 Boost Home Working

Logitech International (LOGN.S) shares led Europe’s gainers on Tuesday. The computer peripherals maker reported a big jump in second-quarter profit and again hiked its guidance amid a work-from-home boom.

Its stock gained more than 18% in early trading, the highest riser on the STOXX 600 index. This is a record for the Swiss-U.S. company.

The maker of keyboards, mice, webcams, and headsets said it was benefiting from a shift to working from home during the COVID-19 pandemic.

It now expects annual sales to increase between 35% and 40% in constant currencies. Which is up from its previous view for a 10% to 13% increase.

For the year to the end of March, it expects non-GAAP operating income of between $700 million and $725 million. A rise from its previous forecast of $410 to $425 million.

Logitech has been profiting from people working from home. This shift has driven a rise in video calls, and companies refitting their offices to comply with social distancing restrictions.

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. This type of hybrid work culture is emerging as the norm.”

The company has also plugged into the rise of so-called esports. Here, players compete in games like Fortnite and League of Legends – to sell more products.

Read More news at Business Segment

Compiled by – MK (Editor)

News Link: Logitech Shares Are Rocketing As Covid-19 Boost Home Working

SourceReuters

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