Romanel-sur-Morges, Switzerland (TSR, Fre) – Computer peripherals manufacturer Logitech, long proud of double-digit quarterly increases in profits, posted one of its worst results in years Thursday 23 April, showing a fourth quarter fiscal year 2009 loss of $35 million. A year earlier the company’s net income was $60.3. The company’s fiscal year ends 31 March. Poor sales, down 32 percent for the year, were blamed.

The company’s shares fell 17.4 percent on the Swiss stock market when the news was announced Thursday morning but by afternoon it had recovered for a drop of 6.5 percent, Bloomberg notes. Logitech expects to return to earnings growth in the second half of 2010.

Posted by Ellen Wallace on 23 April 2009 at 19:21, last updated on 15 May 2009 at 16:23 | permalink
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News story, GenevaLunch, 23 April 2009.

Filed under: Business

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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.