Logitech achieved sales growth for the second consecutive quarter and raised its performance expectations for this year.
The Zhitong Finance App learned that Logitech (LOGI.US) reversed the downward trend in sales after the pandemic, achieved sales growth for the second consecutive quarter, and raised its performance expectations for this year.
Logitech announced on Tuesday that sales for the first fiscal quarter increased 12% to $4.34 billion. The Swiss computer hardware manufacturer currently expects sales to increase by 1% to 3% in 2024, higher than the previous forecast of a flat increase of 2%.
Logitech shares rose 4.9% in early trading in Zurich.
At the height of the pandemic, customers massively purchased work-from-home equipment, which drove Logitech's performance to soar, but then there was a sharp decline, and growth has now resumed.
The ongoing dispute between Logitech and its co-founder and minority shareholder Daniel Borel overshadowed the company's gains.
Borel has forced Logitech to vote for a new chairman at its next shareholders' meeting on September 4. After Chuck Boynton stepped down earlier this year, Logitech is also looking for a permanent CFO.
The company's B2B business and consumer-centered businesses such as gaming equipment have all grown.