Logitech shares jumped over 9% late Tuesday morning, by far the biggest gainer on the STOXX 600 index, as investors welcomed quarterly results well ahead of expectations.

This morning, the Swiss manufacturer of technology accessories reported a 93% increase in operating profit, excluding non-recurring items, to $159 million for the fourth quarter of its financial year ended March.

By way of comparison, analysts were only expecting operating profit of $107 million.

At $1.01 billion, quarterly sales were up 5% at constant exchange rates, again exceeding the consensus of $953 million.

The Swiss group also unveiled its financial targets for the new 2024/2025 financial year, targeting sales growth of 0% to 2% at constant exchange rates, and operating income of between $685 and $715 million excluding exceptional items.

According to Stifel analysts, these annual targets are once again ahead of market expectations.

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