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Zagg slashes full-year sales forecast again; shares slide
July 16, 2013 / 9:26 PM / 4 years ago

Zagg slashes full-year sales forecast again; shares slide

(Reuters) - Zagg Inc (ZAGG.O), which makes scratch guards for mobile and tablet devices, slashed its full-year sales forecast again, citing lack of major mobile device launches.

Zagg shares fell 16 percent in extended trade, after closing at $5.86 on the Nasdaq on Tuesday.

The company now expects revenue of $245 million-$252 million for its full year, lower than the $274 million-$280 million it forecast earlier.

Analysts on average were expecting $273.7 million, according to Thomson Reuters I/B/E/S.

Zagg, whose products are used for Apple Inc’s (AAPL.O) iPhones and iPads, cut its full-year forecast in May.

Zagg also estimated second-quarter revenue of about $51 million, below average analyst estimate of $59.3 million.

Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila

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