Logitech first-quarter income falls by 2 percent to $470 million

Swiss-American tool builder Logitech International SA on Thursday posted a 2 percent dump in quarterly revenue, harm by a clever dollar and descending direct for a mechanism accessories.

The Lausanne-based association reported practiced handling distinction for a initial entertain finished Jun 30 of $31 million, or 16 cents a share, compared with 22 cents a share a year earlier.

Net sales fell to $470 million from $484 million a year earlier.

Logitech has been focusing on new lines like wireless song speakers, videoconferencing and video diversion controllers, to equivalent a decrease in personal computers and diseased direct for a mice and keyboards it has done given a emergence of a PC age.

More than half of Logitech’s costs and losses are in U.S. dollars and roughly 10 percent are in Swiss francs. The company’s suppliers are formed in Asia where currencies have been mostly stable.

Logitech’s sell business, that generates 90 percent of sales, grew 7 percent in consistent currency.

The association pronounced it will exit a OEM business, that comprises a mechanism accessories shred such as mice, by a finish of 2015.

It is also reorganizing a videoconferencing hardware called LifeSize around cloud, a association said.

Analysts on normal were awaiting gain of 10 cents per share and income of $466.1 million, according to Thomson Reuters I/B/E/S.

(Reporting by Ankush Sharma in Bengaluru; Editing by Ken Wills and Diane Craft)

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