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LifeSize sales up 6% in otherwise dismal Logitech 3Q; firm again lowers 2012 guidance
January 27, 2012 | Hogan Keyser
January 26, 2012 by Jim O'Neill via FierceEnterpriseCommunications.com -- Citing weak demand and an eroding Euro, Logitech (Nasdaq: LOGI) today lowered its full-year outlook, saying it would likely earn $60 million on revenue of $2.3 billion for the fiscal year ending March 31.
Reporting financials for the quartet that ended Dec. 31, Logitech said profits were down 15 percent to $55 million in the quarter on sales that eroded 5 percent to $715 million. Analysts had expected the company to report earnings of $61.2 million on sales of $749 million.
One of the lone bright spots for the company was in its videoconferencing business. The company said revenue at LifeSize Communication was up 6 percent for the quarter. Logitech bought LifeSize in 2009 and has steadily been improving its position in the market, rolling out apps for Apple (Nasdaq: AAPL)'s iPhone and iPad as it looked to expand its mobile footprint.
But the surge in tablet sales in the fourth quarter hit Logitech hard, cutting into its traditionally strong market for mice and webcams.
"The euro has weakened considerably during the last three months," said chairman and interim chief executive Guerrino DeLuca. "In addition, webcams and remotes continue to be impacted more than expected by product portfolio and market weakness."
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