Logitech posts fiscal 2Q earnings beat on growth in gaming and video devices
Computer accessory maker Logitech International SA (NASDAQ:LOGI) reported fiscal second-quarter earnings Tuesday that handily beat Wall Street estimates on strong growth in gaming and video collaboration devices, which boosted sales.
For the fiscal second quarter ended September 2018, the Lausanne, Switzerland, company reported earnings of $0.46 per share on revenue of $691.1 million. The consensus earnings estimate was $0.43 per share on revenue of $688.93 million. Revenue grew 9.0% on a year-over-year basis.
Despite the beat, shares of the company tumbled 10.7% to $35.73 on a broad market pullback and a rout in tech stocks.
“We delivered our highest ever sales for a second quarter, with double-digit growth in both gaming and video collaboration and solid growth in our PC peripherals categories,” said Logitech CEO Bracken Darrell in a statement.
The company said it continues to expect fiscal 2019 revenue of $2.80 billion to $2.85 billion. The current consensus estimate is revenue of $2.85 billion for the year ending March 31, 2019.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/207698/logitech-posts-fiscal-2q-earnings-beat-on-growth-in-gaming-and-video-devices-207698.html
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