On Monday, shares of Logitech International slumped after it delivered record sales on its second-quarter 2021 earnings.
As of writing, the company sank 4.98% or 4.43 points to $84.41 per share.
Subsequently, it holds a market capitalization of $15.00 billion and shares outstanding of $183.19 million.
Accordingly, the Swiss-American computer peripherals manufacturer posted gains from the surge in demand for its products.
In addition, its sales edged up to 4.00% to $1.31 billion, surpassing the market estimate of $1.25 billion. Also, it jumped 82.00% compared to the results in 2019.
Remarkably, Logitech significantly benefited from the shift to remote work, as people purchased more keyboards, mice, and webcams.
Additionally, players of online games such as League of Legends and Fortnite have been a growth driver.
However, its GAAP operating income weakened to 44.00% to $179.00 million from $322.00 million in the second quarter of 2021.
Consequently, its GAAP earnings per share fell 48% to $0.81, compared to $1.56 of the prior year.
Likewise, its non-GAAP operating income plummeted 40.00% to $211.00 million from $354.00 million a year ago.
Then, its non-GAAP EPS shed 44.00% to $1.05 from $1.87 in 2020.
Despite these missed estimates, the company has unchanged its annual outlook for the financial year until March 2022.
Also, it projected its full-year non-GAAP operating income of $800.00 million to climb to $850.00 million.
Meanwhile, consumer electronics rivals of Logitech mixed in the trading market.
In particular, Razer Inc. dwindled 2.19% or 0.005 points to $0.23 per share.
Conversely, Samsung Electronics Co. edged up 0.71% or 0.34 points to $60.59 per share.
Global Shares Hike as Logitech Declines
Furthermore, global shares hiked buoyed by the corporate earnings season.
In the Asia Pacific region, Japan’s Nikkei 225 index rose 1.88% or 537.88 points to $29,138.29 per share.
In China, the Shanghai Composite index inched up 0.08% or 3.02 points to $3,612.88 per share.
Consequently, the benchmark Shenzhen Component widened 0.27% or 39.17 points to $14,635.89 per share.
In addition, European stocks strengthened as Logitech touched record sales.
In Germany, the MDAX Performance index advanced 0.90% or 313.12 points to $35,162.14 per share.
Also, the DAX 40 index soared 0.92% or 142.78 points to $15,742.01 per share.
In London, the FTSE All-Share index escalated 0.64% or 26.50 points to $4,144.43 per share.
On Wall Street, the Dow Jones Industrial Average hiked 0.18% or 64.13 points to $35,741.15 per share.
Similarly, the Nasdaq Composite index soared 0.90% or 136.51 points to $15,226.71 per share.
Overall, the MSCI World index improved 0.18% or 5.63 points to $3,165.62 per share.
