Technological News Portal

Logitech Announces Disappointing Q3 Earnings, Plans To Sell Off Digital Video Security Divisions

Logitech has been known to be among the leaders in the PC-accessories arena for quite some time. However, the sharp decline of PC sales has adversely affected the company’s revenues. The Q3 earnings, now revealed by Logitech, go on to affirm this as the company decides to sell off the remote control and digital video security divisions.


logitech

Most of the earnings call from tech companies are an embodiment of hope, even if the company has run into heavy losses. The good thing about Logitech’s CEO, Bracken P Darrell is that he had the guts the call the company’s Q3 performance disappointing.

The overall sales by Logitech during Q3 2013 were $615 million, marking a 14% dip on a year-to-year basis. The net loss for the quarter was revealed to be $195 million. In other words, when Darrell says that the company needs to take certain decisive actions, he is quite right.

These decisive actions include selling off two divisions – namely, the remote control division churning out Harmony products and the digital video security division. No doubt, the Harmony division has dished out some really good remotes. But its products have failed to gain traction and the division has suffered a 55% decline in sales volume.

Given the abysmal performance stats, Logitech is reviewing its strategy and aims to focus on tablet accessories now. That does seem like a prudent move, given the wild popularity of tablets all around the globe and the fact that they’re to stay for now. The active push into the tablet accessories arena will be done at the expense of other¬†under-performing Logitech products, so we can expect more selling off from the company in the coming days.

Source: Logitech

Courtesy: Engadget

[ttjad keyword=”web-cam”]

Why Not Join 250,000+ Readers, Like You!
AND GET OUR LATEST CONTENT IN YOUR INBOX

SUBSCRIBE 
Your information will never be shared
close-link