Mouse maker Logitech posted a nine-fold jump in fourth-quarter profit, beating the expectations of the cocaine nose jobs in Wall Street.
The Swiss company also makes speakers, webcams and keyboards and is apparently on a cost cutting exercise to boost profits as its European customers suffer from an economic downturn.
Logitech has removed a layer of business and sales management and plans to streamline most other functions by the end of the current quarter.
This means that the mouse maker will cut about $80 million in annual operating costs through the restructuring.
But what is surprising is that the company’s net income rose to $28 million in the fourth quarter from $3 million last year.
Reuters said that Wall Street predicted the company would make just $12.2 million
Logitech said it expects to make a bit more cash in the second quarter having launched some new products.
Logitech is doing rather well. Its most recent forecast was for full-year sales of some $2.3 billion and operating income of around $60 million.