Logitech to drop out of the console accessory market due to recent poor sales
The CEO of Logitech, Bracken Darrell, announces the company will be dropping out of the console video game market and several other markets as part of a cost-cutting measure to ensure future profits are possible.
The decision was made after recent financial reports showed the company lost roughly $180 million from the last fiscal quarter and a decline of roughly 14% in sales. These results have forced the company to drop several "non-strategic products" which includes their entire console video game accessory division and speaker dock products. Also confirmed to be dropped was their Harmony remote division which they are trying to sell off to a new buyer, and their security camera division.
Their PC accessory division will remain untouched and will become the main focus of the company once the restructuring is done. Also confirmed was their mobile division will stay intact, especially in regards to the iPad and their Ultrathin Keyboard Cover product.