Logitech posts wider Q1 loss as weak demand bites

(Reuters) - Logitech, the world's biggest computer mouse maker, fell to a deeper first-quarter net loss, missing analyst forecasts, as the company struggles with weak demand amid worries about the global economy.

The Swiss-listed firm said it booked a first-quarter net loss of $52 million, or 32 cents per share, wider than a year-earlier net loss of $30 million, or 17 cents per share.

The company was expected to post a first-quarter loss of $24.7 million, or 14 cents a share, according to a Reuters Poll.

Quarterly sales were $469 million, down 2 percent from $480 million a year ago. Excluding the unfavorable impact of exchange rates, sales were flat compared with the prior year, Logitech said.

The Swiss-listed firm has been grappling with weak demand as concerns about the global economy keep shoppers from buying new webcams, speakers and keyboards.

The euro's weakness against the dollar and the fact that computer systems are becoming less dependent on peripheral components hit its figures earlier this year.

Logitech has implemented a restructuring plan, and said it continues to expect to benefit from the organizational streamlining and cost savings.

Resource : Yahoo News