Logitech first quarter misses forecast, says revamp on track
(Reuters) - Logitech reported a steeper than expected loss as the weaker euro and tumbling economies hurt the world's largest maker of computer mice, and said it was on track with its large restructuring program.
Logitech's net loss for April-June, its fiscal first quarter, widened to $52 million, or 32 cents per share, from $29.6 million, or 17 cents per share, a year earlier, the company said. That compared with a forecast for a loss of $24.7 million in a Reuters poll.
The Switzerland and California-based company, which also makes speakers, webcams and keyboards, has been hit by soft euro, weak global economy, and shift in the computer industry led by Apple's iPhone that means systems rely less on peripheral components.
Those difficulties prompted it to issue a series of profit warnings last year and replace its chief executive. Logitech is now cutting $80 million in annual costs, including job cuts to boost profitability.
"We are in the middle of our turnaround," Chairman and CEO Guerrino De Luca said in a statement, adding the firm was on track with its revamp plans.
"The majority of our new products, targeting consumer trends in music, tablets, touch-based navigation and the digital home, will be launched in Q2 and early Q3, as we prepare for the holiday selling season."
Earlier this month Logitech said it plans a payout of 0.81 Swiss franc per share from capital reserves.
(Reporting By Tarmo Virki; Editing by Mike Nesbit)