Switzerland-headquartered peripherals manufacturer Logitech reported its financial results for the third quarter of its fiscal year (FY) 2021, which ended on Dec. 31, 2020. The company generated net sales revenues of $1.67B USD during the period, up 84.7% from $903K in the same period last fiscal year.
Logitech announced that its gross margin increased to 45.2% “due to strong sales volume, lower promotional spending, favorable product mix, and a benefit from currency exchange rates.” The company’s President and CEO, Bracken Darrell, highlighted that “this quarter’s record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports, and digital content creation.”
In combination with the increased seasonal Q4 revenues, the trend Darrell described generated double- and triple-digit sales growth for several of Logitech’s business segments. Especially its PC webcams and tablet & accessories segments experienced significant year-over-year sales volume growth of 309% and 342%, respectively. Sales for Logitech’s gaming segment increased by 73% year-over-year based on balanced growth across PC gaming, console gaming, and simulation.
Logitech also reported that livestreaming software Streamlabs, which the company acquired from General Workings in 2019 for approximately $89M, achieved higher levels of users and sales.
In total, Logitech generated a net income of $383K for the period, an increase of 326% compared to a net income of $118K during Q3 FY 2020. Cash flow from operations was $530M, compared to $181M in the same period a year ago. Furthermore, the company spent $50M for share repurchases.
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