Logitech selling off Harmony remote division amid disappointing Q3 earnings
Logitech has announced plans to sell off its Harmony remote and digital video security divisions as part of restructuring the company, after reporting disappointing fiscal third quarter earnings,
Logitech reported a net loss of $195 million from $615 million in sales and a 14 per cent decrease in retail sales year over year.
To combat its losses in 2013 and restructure itself as a company, Logitech will sell off the remote and video divisions in what looks to be a focused move. Tablet accessories appears to be one way the company plans to become profitable, while it will dump gaming accessories.
“These results are unacceptable and we are taking decisive action as an outcome of my strategic review. I was pleased with the continued strong demand for our Ultrathin Keyboard Cover in Q3," said Bracken Darrell, Logitech CEO.
"We plan to expand our presence in the growing tablet accessories category with the launch of a number of exciting new products later this quarter."
Logitech confirmed to Pocket-lint that the company has not engaged with a potential buyer yet, but that deals are expected to be made by the end of 2013. We've reached out to Logitech for more info.