Logitech fourth-quarter profit rises 22 percent

April 30, 2019

(Reuters) – Logitech International SA <LOGN.S> said keyboards and mice for players of multiplayer online games like Fortnite had surged as the peripherals maker on Tuesday reported a 22 percent increase in profit during its fourth quarter.

The Swiss-U.S. company said profit for the three months ended March 31 rose to $42.1 million from $34.4 million a year earlier. Revenue increased 5.4 percent to $624.3 million.

Logitech also said Chief Financial Officer Vincent Pilette would leave the company at the end of May to join another firm. After his departure, Nate Olmstead will serve as the CFO on an interim basis. [nBw6RZ5N5a]

The company, which also makes mobile speakers and video conferencing devices, said it expected to increase its sales in the mid- to high single-digit range and increase its operating income to $375 million to $385 million during its 2020 financial year, confirming the outlook it gave in March.

(Reporting by Rishika Chatterjee in Bengaluru and John Revill in Zurich; Editing by Bill Rigby)

Comments (No)

Leave a Reply