WFH Boosts Logitech; CEO Expects More Home Offices, Classrooms
Logitech CEO Bracken Darrell reinforced the staying power of videoconferencing hardware, mice and keyboards on a Tuesday call, after two strong quarters driven by work from home. “The biggest permanent changes were going to happen anyway,” he said, citing home-based…
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work and education, “video everywhere,” esports and “democratization of content creation.” He predicted continued growth for webcams, video collaboration tools and PC peripherals for home-based workers and the enterprise, predicting a “big middle” of companies that choose a hybrid approach for workers after the pandemic. He expects a period where families set up separate stations for work and schooling, followed by an upgrade cycle. He predicted video calls will replace audio calls and esports viewership will overtake traditional sports. Q2 was Logitech's first quarter with $1 billion in sales, at $1.26 billion for the period ended Sept. 30, a 73% jump from the year-ago quarter. The company raised its FY 2021 outlook. Shares hit a 52-week high Tuesday and closed up 16% at $92.64. Webcams, the top sales growth category, surged 256% to $102 million, followed by video collaboration, then tablet keyboards. Gaming rose 84% to $298 million. In the League of Legends final four tournament last weekend, 110 million people were expected to have watched live, said Darrell.