updated 06:00 am EST, Thu January 24, 2013
Logitech returns net loss of $195 million for Q3 FY 2013
Logitech has published its Q3 results for the financial year 2013, which revealed a net loss of $195 million on the back of $615 million in revenue. This included a one-off non-cash goodwill impairment charge of aroun $211milion. However, CEO Bracken Darrell is wasting no time responding to a 14 percent decline in sales indicating that he is moving to offload the Harmony division and its digital video securities division.
"These results are unacceptable and we are taking decisive action as an outcome of my strategic review," said Darrell. "We are taking immediate actions to shape a faster and more profitable Logitech," he continued. "We are developing more mobility-related products, leveraging the powerful growth of tablets and smartphones. We intend to sustain our leadership in PC platform-related products where we have engineering, distribution and scale advantages."
Logitech said that the downturn in PC sales, which have failed to be kickstarted by the launch of Windows 8, played a significant role in its fortunes for the quarter. However, sale of its mobile products, have been comparatively strong. The company singled out its Ultrathin Keyboard Cover for iPad a seeing particularly strong demand in Q3. The sale of its faltering divisions is expected to take place before the end of 2013.