Logitech Results Soar Amid Pandemic Trends That May Continue
Logitech rode COVID-19 pandemic trends, reporting sales of $1.5 billion for the quarter ended March 31, a 117% spike from the year-ago quarter. On a Thursday quarterly call, CEO Bracken Darrell forecast “bigger and broader” opportunities as companies “emerge from…
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the shelter-in-place requirement,” and he believes many work-, school- and entertainment-related behaviors will endure. He cited a recent announcement from Citi CEO Jane Fraser saying employees will be expected to work in the office at least three days, though he didn’t reference Fraser’s designation of “Zoom-Free Fridays.” The “meteoric rise” of video calls won’t reverse, people will continue to need separate places in the home for work and study, and gaming will be used more for social interaction, Darrell predicted. Headwinds could persist due to logistics, said Chief Financial Officer Nate Olmstead.