Logitech has reported Q1 revenues up 26 per cent, a further sign that peripherals are bucking the PC sales trend in retail sales.
The company's success can also be attributed to its focus on three product segments: video-conferencing over the Internet, audio- and voice-over-IP, and accessories for the fast-growing gaming market.
"We are the odd kid on the block - every day we hear of companies downsizing," said Logitech managing director Marco Manera. "When it comes to peripherals, other companies are not doing as well. Our success is linked to the understanding that to grow even more we must look at other markets that complement our product range."
The move into the gaming market has been very successful for the company, Manera said, citing the launch of the WingMan steering wheel for Sony's PlayStation console.
"Some stores opened their doors at 6am and had sold out of steering wheels by midday," he said. "If you look at the market size in the US for gaming peripherals for PC versus console, it is around four to one. I think Australia will see the same growth."
The imminent launch of new consoles next year has sparked much interest in the games segment.
"We are only scratching the surface," Manera said. "The whole games segment is growing."
Q1 revenue up 26 per cent to $177.9M.
Net income up 27 per cent to $6.3M.
Operating income doubles to $8.2M.
Sales expected to grow 25 per cent in 2002.
Q2 revenue expected to grow 12-14 per cent.