Logitech International LOGI reported first-quarter fiscal 2022 results, wherein both bottom and top lines surpassed estimates. Non-GAAP earnings came in at $1.22 per share, surpassing the Zacks Consensus Estimate by 23.2%. The bottom line also soared 91% from the year-ago quarter’s earnings of 64 cents per share.Net sales of $1.31 billion outpaced the consensus mark of $1.19 billion, and surged 66% year over year in dollars and 58%, at constant currency.Logitech has been benefiting from the elevated demand for its Video Collaboration tools, mainly driven by the heightening work-from-home and learn-from-home trends. Also, the PC peripheral market is witnessing strong traction, which is aiding top-line growth.Additionally, demand for gaming products has shot up on the growing popularity of online video games and eSports amid the stay-at-home scenario.Logitech International S.A. Price, Consensus and EPS Surprise Logitech International S.A. price-consensus-eps-surprise-chart | Logitech International S.A. QuoteSegmental DetailsLogitech’s Gaming segment sales soared 84% year over year to $335.4 million. Video Collaboration sales jumped 81% year on year to $334.9 million. Revenues from PC Webcams were up a whopping 81% to $109.9 million, while Tablet and Other Accessories sales surged 72% to $79.3 million.The Audio & Wearables segment sales jumped an astounding 63% year over year to $116.6 million. Revenues from Pointing Devices increased 52% year over year to $182.9 million. Keyboards & Combos sales grew 50% to $218.4 million. The Other segment revenues skyrocketed 1,660%, year on year, to $88,000 from the year-ago quarter’s $5,000.However, Mobile Speakers’ sales decreased 2% to $28.5 million. The Smart Home segment sales slid 9% year over year to $6.2 million.Margins & Operating MetricsNon-GAAP gross profit climbed 84.9% to $574.4 million from the year-ago quarter’s $310.7 million. Non-GAAP gross margin expanded 460 basis points (bps) from the prior-year quarter to 43.8%.Non-GAAP operating expenses flared up 75.8% to $339.8 million. As a percentage of revenues, non-GAAP operating expenses shot up to 25.9% from the year-earlier quarter’s figure of 24.4%.Non-GAAP operating income soared nearly two-fold to $234.5 million from the $117.3 million reported in the year-ago quarter. Operating margin expanded 310 bps points to 17.9%.Liquidity and Shareholders’ ReturnAs of Jun 30, 2021, Logitech’s cash and cash equivalents were $1.50BILLION compared with the $1.75 billion recorded in the previous quarter. Additionally, the company used cash flow of $115 million during the fiscal first quarter for operational activities.During the first quarter of fiscal 2022, the company repurchased shares worth $54.9 million.During the fourth-quarter fiscal 2021 earnings conference call, Logitech had announced that its board of directors has increased the share-repurchase authorization limit to $1 billion from the $250 million authorized previously.Under the current authorization, the company has bought back $220 million worth of its common stocks. Therefore, the company has now $780 million remaining total authorization after the increase, which it required to complete through July 2023.Fiscal 2022 Outlook ReiteratedThe company reiterated its projections for revenues and operating income. It still estimates sales to remain flat (+/- 5%) year over year in constant currency. Management also kept the non-GAAP operating income guidance range unchanged at $800-$850 million.Zacks Rank and Stocks to ConsiderLogitech currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the broader technology sector include Digital Turbine APPS, Intuit INTU and Zoom Video Communications ZM, all sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The long-term earnings growth rate for Digital Turbine, Intuit and Zoom is currently pegged at 50%, 14.7% and 15.6%, respectively. +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second. Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Logitech International S.A. (LOGI): Free Stock Analysis Report Intuit Inc. (INTU): Free Stock Analysis Report Digital Turbine, Inc. (APPS): Free Stock Analysis Report Zoom Video Communications, Inc. (ZM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research