Skip to content

Logitech Share Price Explodes Over 20% as Sales Jump 75%

Nigel Frith Nigel Frith
Add as a preferred source on Google
Logitech

Logitech (SIX: LOGN) share price rose more than 20% on Tuesday after the producer of computer equipment said its sales rose by 75% in the second quarter.

Logitech posted sales of $1.26 billion in the second quarter to September. Net income exploded to $266.9 million, significantly higher than $73 million reported a year earlier.

“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,” said Chief Executive Officer Bracken Darrell in a statement.

Following a great second quarter, Logitech upgraded its full-year forecast to expect higher sales between 35% and 40% and non-GAAP operating income of between $700 million and $725 million.

Logitech share price exploded on strong 2Q results October 2020

 

Logitech stock price rose to 88.32, a new all-time high for the stock.

PEOPLE WHO READ THIS ALSO VIEWED:

Nigel Frith
Nigel Frith
Team Member

Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.

Stay ahead of the markets

Sign up to our free Morning Markets email, every weekday before the open.