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Zagg profit falls 82 percent as demand ebbs; share slide 25 percent
May 2, 2013 / 9:22 PM / 4 years ago

Zagg profit falls 82 percent as demand ebbs; share slide 25 percent

(Reuters) - Zagg Inc (ZAGG.O), which makes scratch guards for mobile and tablet devices, reported an 82 percent fall in quarterly profit due to the lack of a significant device launch, and it slashed its full-year sales forecast.

Shares of the company were down 25 percent at $5.15 in extended trading. They closed at $6.88 on the Nasdaq on Thursday.

Zagg, whose products are used for Apple Inc’s (AAPL.O) iPhones and iPads, lowered its full-year sales forecast to $274 million-$280 million from $313 million-$318 million.

Net income fell to $876,000, or 3 cents per share, for the first quarter ended March 31, from $5.1 million, or 16 cents per share, a year earlier. Excluding items, the company earned 11 cents per share.

Revenue fell 7 percent to $51.5 million.

Reporting by Supantha Mukherjee in Bangalore; Editing by Maju Samuel

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