Logitech benefits from Covid-19: revenue nearly doubles

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Logitech has announced its quarterly results for Q3 of fiscal year 2021. The company, which specialises in computer peripherals, has benefited greatly from the trend towards working from home.

In the third quarter of FY2021, Logitech posted revenue of 1.67 billion dollars (1.38 billion euros). Compared to the same quarter in the previous year, that is an increase of 85 percent, or 80 percent when inflation is included.

Results per category

The trend towards working from has clearly contributed to the increased profit. Sales of webcams rose 309 percent from 32 million to 132 million dollars. The Video Collaboration category grew 218 per cent from 92 million to 293 million dollars.

The Tablets & Other Accessories category saw a 342 percent growth, from 31 million to 138 million dollars. This category consists of tablet accessories such as keyboards and sleeves. This growth is due to educational institutions purchasing tablets for students working at home.

Logitech also experienced strong growths in other areas of its business. Mouse and keyboard sales increased by about 40 percent, gaming accessories grew 78 percent, and the Audio & Wearables category grew 87 percent.

The only branches where the company saw a decline were mobile speakers (-22 percent) and smart home (-33 percent).

Working from home

The sales growth is a logical consequence of the corona pandemic of 2020. Many office workers suddenly had to work from home. This encouraged them to set up a home office, with the necessary peripherals such as keyboards, headsets and webcams. The growth in gaming can also be explained by people not being able to leave the house for entertainment and therefore investing in indoor pastimes.

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