Logitech International SA's share price surged by 8% after the computer peripherals manufacturer reported a significant rise in its fiscal second-quarter earnings, surpassing sales and profit estimates.
The company reported adjusted earnings of $1.09 per share with sales reaching $1.06 billion for the three months ending September 30.
This beat analysts' predictions of 59 cents per share and sales of $973 million.
Year-over-year, Logitech's earnings increased by 30%, marking a rebound after eight consecutive quarters of decline.
However, sales have decreased for the same period. Guy Gecht, the interim CEO of Logitech, stated that the company has made substantial progress in returning to growth and has surpassed its pre-pandemic profit levels.
Looking ahead, Logitech is forecasting annual revenue of between $4 billion and $4.15 billion, an increase from the previous prediction.
The stock was changing hands for 66.80 Swiss francs, up 4.90 francs.