Google Cost Logitech $100 Million
Logitech (NASDAQ:LOGI) CEO Guerrino De Luca, speaking at the company’s Analyst and Investor Day event, called his foray into the Google (NASDAQ:GOOG) Revue set top box “a mistake of implementation of a gigantic nature”.
Confirming Logitech’s withdrawal from the product — launched during Christmas last year — De Luca said Logitech “brought closure to the Logitech Revue saga” and there are “no plans to introduce another box to replace Revue” after inventories run out this quarter.
He accused Google (NASDAQ:GOOG) of pushing Google (NASDAQ:GOOG) TV without being fully ready, and regretted that Logitech was led into a full-scale launch of a product really only in ‘beta mode’. The debacle cost Logitech over $100 million in operating profits.
Here’s how these stocks are trading on the news:
- Logitech International SA (NASDAQ:LOGI): The shares recently traded at $8.46, up $0.21, or 2.55%. Its market capitalization is $1.50 billion. They have traded in a 52-week range of $7.41 to $20.97. Volume today was 82,509 shares versus a 3-month average volume of 1,594,150 shares. The company’s trailing P/E is 27.12, while trailing earnings are $0.31 per share. About the company: Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide. Get the most recent company news and stock data here >>
- Google Inc. (NASDAQ:GOOG): The shares recently traded at $600.31, up $5.23, or 0.88%. Its market capitalization is $194.43 billion. They have traded in a 52-week range of $473.02 to $642.96. Volume today was 791,228 shares versus a 3-month average volume of 3,464,090 shares. The company’s trailing P/E is 20.46, while trailing earnings are $29.34 per share. About the company: Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches. Get the most recent company news and stock data here >>
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