On Tuesday, shares of Logitech International gained after the company released better-than-expected Q3 results. The company’s sales declined 2% to reach $1.63 billion. However, adjusted earnings per share came in at $1.55, which was slightly higher than the expected $1.55. The company’s robust growth was largely due to the effects of the COVID-19 pandemic. The company noted that its strong performance was mainly due to the growth of its video gaming and keyboards businesses. Sales of these products also grew in the third quarter of 2021.
The company announces its sale guidance with a 5% increase for this year of 2022. The overall income was lifted up to $50 million. Despite the decline in sales, Logitech was able to maintain its profitability due to the robust growth of its video gaming and keyboards businesses. For the current fiscal year, the company maintained its sales growth guidance at 2% to 5%, and it raised its non-GAAP operating income by about $100 million. For the third quarter, sales fell 2% to $1.63 billion. The company attributed the decline to lower sales of gaming consoles and mice.