Up to March 31, over the last fiscal year, Logitech recorded 76 % sales growth in U.S. dollars. Following the 2020 pandemic shift to remote work, the company ranked in AUD 6.80 billion (USD 5.25 billion) in revenue during the year. Based in Switzerland, Logitech recorded a 315 % increase in GAAP operating income to AUD 1.49 billion (USD 1.15 billion).
Logitech International S.A. is a Swiss-American tech company manufacturing interface devices and computers. With headquarters in Switzerland and California, the company works internationally across Europe, Asia, Oceania, and the Americas, offering reliable and quality tech products. For remote workers, high-quality tech products are necessary to improve the quality of workflow. With the spread of COVID-19 and the global shift to remote work, Logitech has broken all sales and income records.
Logitech Breaks Sales Records With Remote Work Shift
According to the 2021 Fiscal Year Report, Logitech’s sales were higher than ever. Compared to the previous year, with $5.25 billion, sales increased 76 % in U.S. dollars and 74 % in constant currency. While GAAP earnings per share (EPS) last year achieved $2.66, this year’s share grew 107 % to $5.51.
Furthermore, non-GAAP operating income grew 229 % to $1.27 billion. Last year the company closed with $387 million. Non-GAAP EPS rose 199 % to $6.42. Thanks to this rapid increase, operational cash flow was $1.46 billion, compared to last year’s $425 million.
For the Q4 Fiscal Year 2021, Logitech sales earned $1.54 billion, up 117 % in U.S. dollars and 108 % in constant currency than Q4 of the prior year. The GAAP operating income grew 818 % compared to last year. On the other hand, non-GAAP operating income increased 312 % to $325 million.
As Logitech president and CEO Bracken Darrell states, “It has been rewarding to see Logitech’s products play an essential role enabling work, creation, connection and entertainment as our homes became schools, offices, and playgrounds.”
Thanks to remote work, the company did an outstanding performance. Since remote work is here to stay, like other tech leaders, Logitech is investing in effective plans for the future to improve remote work experience.