(Reuters) – Logitech, the world’s largest computer mouse maker, issued its second profit warning in eight weeks, slashing its forecast for full-year profit and sales after a review by its acting chief executive, sending its shares down 12 percent.
Logitech, which also makers speakers, webcams and keyboards, said on Thursday it expected operating income of about $90 million for its 2011/12 year to end-March, compared with a previous target to meet or beat last year’s $143 million.
Citing the current weak economic environment in mature markets and the company’s product offering, Logitech cut its sales forecast to $2.4 billion from $2.5 billion, having cut it from $2.6 billion in July when announcing CEO Gerald Quindlen had resigned after weak first-quarter trading.
Chairman Guerrino De Luca was named acting CEO at the time.
The company said on Thursday gross margin in its fiscal third and fourth quarters should be well above the full-year average.
Logitech shares, which had lost more than half their value this year, were down 12 percent at 0932 GMT.
“The management completely underestimated market and technology shifts toward stand-alone mobile computing systems not requiring any peripheral interface components or simple gadgets,” said Sarasin analyst Oskar Schenker.
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