Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
On Friday, computer peripherals maker Logitech International (NASDAQ: LOGI ) announced layoffs aimed at shaving $16 million to $18 million from its annual operating cost by fiscal 2014, on top of $80 million in savings already targeted from cutting operating costs and cost of goods sold.
In a statement, Logitech warned that the shift to emphasizing the sale of "mobility products, improving profitability in PC-related products, and enhancing global operational efficiencies," which requires the firm to lay off 140 employees, or 5% of its workforce, will involve a $12 million to $14 million pre-tax, cash charge to earnings in fiscal Q4 2013.
By its calendar, Logitech is in the middle of fiscal Q4 2013 now. The company reported fiscal Q3 earnings in January, showing a loss of $195 million on a 14% decline in revenue.
Logitech shares reacted positively to Friday's news, closing up 0.6% at $6.80.