Logitech Announces Q3 2009 Results

Romanel-Sur-Morges, Switzerland-based Logitech International has announced the financial results for Q3 2009.

The company has reported total sales of USD 627 million for Q3 2009, which is a decrease by 16% in compared to Q3 2008. Operating income dropped by 63% from USD 116 million in Q3 2008 to USD 43 million in Q3 2009 this year. This has yielded a gross margin of 29.9%, which is again less than the 36.9% achieved in Q3 2008. The net income has therefore slumped to USD 40.5 million for this quarter, compared to USD 133.5 million reported in the same period last year. The company has a positive cash flow of USD 480 million on its balance sheet, which according to the press release was made possible by scaling back operating expenses.

Amongst its products, pointing devices continue to be the biggest seller, with sales in the latest quarter touching USD 149 million, or about 24% of total sales.

In order to meet the challenges of recession, the company has planned to layoff between 550 and 600 employees worldwide.

Read more about Logitech’s latest financial results, here.