Many businesses are suffering due to COVID-19, but Logitech is enjoying rapid growth and an explosion in sales.
The company manufactures PC accessories and peripherals including mice, keyboards, headsets, cameras, and video equipment -- all of which have been in constant demand since the coronavirus pandemic shocked the global economy and forced businesses to ask employees to work from home.
During the first surge and the initial scramble to set up home offices, shelves -- online or otherwise -- were stripped of equipment. As we head toward the next wave, it appears sales are still going strong.
Late on Monday, Logitech reported second-quarter results (statement[1]), ended Sept 30, 2020, including non-GAAP sales of $1.26 billion and earnings per share of $1.87. The company says this is the first time that quarterly sales have bypassed the billion-dollar mark, having grown over the quarter by 73%.
Q2 non-GAPP operating income increased by 295% to $354 million, in comparison to the same quarter a year ago, which reported $89 million in operating income. Q2 GAAP operating income increased by 372%, at $322 million.
Cash flow is reported as $280 million, an increase from $107 million year-on-year.
See also: Best webcams for remote-working video calls in 2020: Logitech, Meeting Owl, Razer, and more[2]
Logitech noted an increase in sales of 26% for mice and trackball devices, offsetting a drop in demand for equipment used by conference speakers and presenters. Keyboards and combination kits achieved sales growth of 44%, whereas webcam sales surged by 258% to $102 million. However, consumer demand has caused low inventory, and so Logitech is trying to increase its supply.
Sales of enterprise-grade webcams, headsets, and virtual conference room products including MeetUp and Rally have all increased, with Logitech reporting