Logitech issues profit warning

Switzerland-based set-top provider Logitech, an early supporter of the Google TV platform, has issued a profit warning.

Logitech said that “ as a result of a detailed business assessment conducted over the last several weeks” it now expected to deliver revenue of approximately US$2.4 billion (€1.8 billion) and operating income of approximately US$90 million for the year ending March 2012.

“Over the past several weeks after I resumed my CEO position, we conducted an in-depth assessment of the state of our business for fiscal year 2012 and beyond,” said Guerrino De Luca, Logitech chairman of the board and acting president and CEO. “I am disappointed that our revised fiscal 2012 outlook is not higher, but we now have a thorough understanding of what needs to be fixed. Our strategy remains unchanged. I expect the initiatives we have put in place to result in reinvigorated product offerings and improved execution in our sales and marketing organisation as we progress through fiscal 2012 and into fiscal 2013.”