Logitech Sales Jump in Quarter on Gaming, Videoconferencing Gains; Tablets Drop

Logitech said all regions and “almost all categories” contributed to better-than-expected FY 2017 Q3 results in a Wednesday preliminary earnings report. The company had a 31 percent drop year over year in tablet and accessory sales, to $25 million for the quarter ended Dec. 31, but gaming and video conferencing products led growth at 38 percent and 37 percent, it said. Mobile speakers posted 25 percent growth over Q3 2016 to $107 million, on par with gaming revenue, and audio PC and wearables revenue grew 17 percent to $67 million. Home control sales grew 5 percent year on year to $27 million, said the company, pointing devices were up 2 percent to $142 million and keyboards and combos increased 8 percent to $125 million. Total retail net sales in the quarter grew 12 percent to $667 million vs. the 2016 quarter, and net income rose 38 percent to $92 million, said the company. Logitech raised guidance to 12-13 percent retail growth for the year to a range of $225 to $230 million, up from its prior range of $195 million to $205 million. Shares closed up 13 percent Wednesday to $29.