Logitech Cuts Forecasts on Euro, Slowing Sales
Logitech International SA, the world’s biggest maker of computer mice, dropped the most in nine months in Zurich trading after cutting full-year forecasts for the third time, citing the weaker euro and declining sales.
Logitech shares fell 12 percent to 6.58 Swiss francs. The company reduced its sales forecast for the fiscal year ending March 31 to about $2.3 billion, with operating income predicted at about $60 million. Logitech, which also produces gaming hardware, in September cut its forecast for full-year operating profit to about $90 million on sales of about $2.4 billion.
“The biggest disappointment is the guidance revision,” Michael Foeth, an analyst at Vontobel Holding AG, said in a note today. “With that we fear confidence in management is eroding further.”