Logitech cuts 2012 targets on economic uncertainty

Swiss computer peripherals maker Logitech on Thursday cut its 2012 full-year targets amid economic uncertainty in industrialised states.

The IT giant said it now expects revenues to reach $2.4 billion (1.8 billion euros) for the fiscal year ending March 31, 2012, down slightly from the $2.5 billion predicted earlier.

Operating income meanwhile, is expected to dip to $90 million from at least $143 million in an earlier forecast.

"I am disappointed that our revised fiscal 2012 outlook is not higher, but we now have a thorough understanding of what needs to be fixed," said Guerrino De Luca, Logitech chairman.

"Our strategy remains unchanged. I expect the initiatives we have put in place to result in reinvigorated product offerings and improved execution in our sales and marketing organization as we progress through fiscal 2012 and into fiscal 2013," he added.

(c) 2011 AFP