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Logitech raises full-year outlook after gaming-powered third quarter

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Logitech raises full-year outlook after gaming-powered third quarter
FILE PHOTO: Chief Executive Bracken Darrell of the computer peripherals maker Logitech addresses the company's annual news conference in Zurich, Switzerland April 26, 2017. REUTERS/Arnd Wiegmann   -   Copyright  Arnd Wiegmann(Reuters)
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(Reuters) – Logitech International SA <LOGN.S> raised its full-year profit outlook on Tuesday, after strong growth in its gaming hardware business helped the computer peripheral and mobile speaker maker beat third-quarter expectations.

The Swiss-U.S. company got a boost from strong sales of its gaming products such as superfast keyboards, headphones and computer mouse used in multi-player online games like League of Legends and Fortnite.

Logitech’s diverse portfolio drove double-digit growth across gaming, video collaboration and creativity & productivity, said Chief Executive Officer Bracken Darrell.

The company now expects its fiscal year 2019 non-GAAP operating income to be between $340 million and $345 million, up from its previous guidance of $325 million-$335 million.

Logitech expects sales to grow between 9 percent and 11 percent in constant currency during the fiscal year, which runs to the end of March.

The company had raised its guidance earlier in July, following big increases in sales of its products used in video collaboration, gaming and for computer tablets.

For third quarter ended Dec. 31, net income rose to $112.8 million, beating forecasts of $99.3 million in a Reuters poll of analysts.

Net sales rose 8 percent to $864.4 million in the quarter, traditionally Logitech’s biggest sales period, beating forecasts of $852 million.

Sales from its gaming business rose 23 percent to 213.7 million.

(Reporting by Rishika Chatterjee in Bengaluru and John Revill in Zurich; Editing by Gopakumar Warrier)

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