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Logitech (LOGI.US) reported revenue growth in both quarters and raised its full-year guidance

Tuesday, Jul 23, 2024 4:50 am ET1min read

Logitech (LOGI.US) reversed its sales decline after the pandemic and achieved sales growth for the second consecutive quarter, and raised its full-year performance guidance.

Logitech announced that its first-quarter sales grew 12% to $4.34 billion, above its previous guidance of flat to 2% growth for 2024.

Logitech shares briefly rose 4.9% in Zurich trading.

After soaring on pandemic-driven demand for home office equipment, Logitech's performance has recovered from a sharp decline.

The company's dispute with co-founder and minority shareholder Daniel Borel has cast a shadow over its rally.

Borel has forced Logitech to vote for a new CEO at its next annual meeting on September 4, after Chuck Boynton stepped down earlier this year. The company is also looking for a permanent CFO.

Logitech's B2B business and its consumer-focused gaming peripherals have both grown.

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