Romanel-sur-Morges, Vaud, Switzerland (GenevaLunch) – Logitech shares fell 10% Tuesday morning after announcing a nearly 70% slide in profits. Net income is listed as $40.5 million. The 27-year-old Swiss and US company has long been one of the most resilient  around, with double-digit increases in profits every quarter for several years.

Weak sales are blamed: third quarter 2009 (the company’s financial year ends in May) results published 20 January show a 16% slide in sales compared to the same period a year earlier. Sales rose in Asia, but it was not enough to offset a 21% fall in North America and sales down by 19% in the Europe-Africa-Middle East region.

The company confirmed that up to 600 jobs could go as part of restructuring plans and profits are likely to fall again due to restructuring costs during 2009.

Posted by Ellen Wallace on 20 January 2009 at 10:42, last updated on 15 May 2009 at 15:56 | permalink
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News story, GenevaLunch, 20 January 2009.

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Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.