Computer peripherals maker Logitech International (LOGI) saw its stock soar on Thursday after it posted better-than-expected March-quarter results and gave rosy guidance for the year ahead.
Logitech shares jumped 8.9% to close at 39.99 on the stock market today. The stock broke out of a 26-week consolidation period with a buy point of 40.92 on Jan. 23 after it reported robust sales and earnings for the holiday quarter. But the stock sold off after the market turned choppy.
The maker of music, gaming, video and computing products on Thursday reported adjusted earnings per share of 32 cents, up 7% year over year, for its fiscal fourth quarter. Sales climbed 16% to $592 million. Analysts expected Logitech to earn an adjusted 23 cents a share on sales of $556 million.