During the third quarter of its fiscal year, the computer peripherals maker brought in $1.67bn representing an 85 percent increase in sales. The surge was a result of a boom in sales of webcams, mice, keyboards and other business accessories used by employees working remotely.
Logitech even went as far as to raise its guidance for the third time in its 2021 fiscal year, which runs until the end of March, due to the company's strong third quarter performance.
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In an interview with Reuters, Darrel explained how Logitech will continue to grow even after the pandemic subsides, saying:
“No doubt the trend of people working from home helped us grow our business. When the pandemic ends, and starts to fade… you are going to see people working from home and in the office. That is an opportunity for us to upgrade spaces in both places, and also to video enable offices.”
Logitech expects its annual sales to rise by 57 to 60 percent and the company will provide a sales outlook for 2022 at its investor day in the beginning of March.
Darrel believes the company has really strong growth potential in the long term especially considering that many businesses are planning to adopt a hybrid model of working going forward. As part of this model, employees will split up their work week by working from home some days and working at the office on others.
With employees working from home and at the office, the potential market size for computer peripherals will increase as users will need to outfit their office spaces and home offices with keyboards, mice, webcams and other accessories.
Video conferencing played a key role during the pandemic and organizations will continue using this software even when they return to the office. However, doing so in an office setting means that many businesses will likely need to upgrade their meeting rooms with new cameras and equipment.
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