DecryptedTech

Wednesday07 December 2022

Logitech gives up on Harmony


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Logitech has decided to sell some parts of the company after getting some bad financial results in the third quarter of fiscal 2013. The company in this period made $615 million in revenue and an operating loss of $180 million which is a 14 percent drop compared to the same time last year.

Logitech Chief P. Bracken Darrell blames the poor financial performance on weak demand in the global PC market.  Darrell announced that Logitech will have greater focus on the mobile market, particularly tablets and smartphones. The company has identified several product lines that do not fit into the new mobile strategy, including a music dock, controllers for consoles, video surveillance systems and Harmony universal remotes.

Darell said “As a result, we have initiated the process to divest our remote controls and digital video security categories, and we plan to discontinue other non-strategic products, such as speaker docks and console gaming, by the end of calendar year 2013“. Logitech therefore announced that they are going to  sell off the Harmony department (and probably other divisions above), while the process of elimination of unprofitable product lines should be completed by the end of this year.

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Last modified on Thursday, 24 January 2013 21:06

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