Logitech Revue Sees More Returns Than Sales, Price Cut From $250 to $99; CEO Steps Down

Logitech has reported that Google TVs are not selling very well, and that its Google TV-powered Revue console had more units returned than sold in the company's latest financial quarter (Q1 2012). Ouch.In a press release, Logitech announced that it had generated $480 million in revenue for the quarter that ended on June 30. That […]

Logitech has reported that Google TVs are not selling very well, and that its Google TV-powered Revue console had more units returned than sold in the company's latest financial quarter (Q1 2012). Ouch.

In a press release, Logitech announced that it had generated $480 million in revenue for the quarter that ended on June 30. That compares to revenues of $479 million for the same period a year ago. Logitech recorded a net loss of $30 million for the last quarter compared to a profit of $20 million compared to the same time period a year ago.

In its prepared financial remarks, the company acknowledged "very modest sales" of the product in the June quarter:

Sales of Logitech Revue were slightly negative during the quarter, as returns of the product were higher than the very modest sales. We believe the significantly lower everyday price for Logitech Revue, reduced from $249 to $99, will generate improved sales.

The Revue has already had one price cut; it was $300 when launched late last year and dropped to $250 recently due to slow sales.

Logitech's press release said, "The action was taken with the goal of accelerating adoption of the Google TV platform by removing price as a barrier to broad consumer acceptance."

Most likely because of the poor financial results, Logitech has announced that its CEO Gerald P. Quindlen is departing the company effective immediately. Logitech's current Chairman, Guerrino De Luca, will take over as the company's acting president and CEO.

The press release quotes De Luca as saying, "My priorities will be to pursue our many opportunities with a strong sense of urgency and to renew the confidence in Logitech among all stakeholders." Logitech will now search for a permanent president and CEO to take over from De Luca.

Full press released is embedded below:

Google has already announced that Google TV will be upgraded this summer to Android 3.1 and will include access to the Android Market, too.