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Logitech shares up after write down announced

Logitech (LOGI) shares are rising after the company announced last night that it will take a non-cash, non-tax-deductible goodwill impairment charge in Q3, estimated to be $211M, related to its video conferencing reporting unit. Logitech added that the video conferencing industry has experienced a slowdown in recent quarters and consequently, through this period, the video conferencing reporting unit has not sustained the growth Logitech originally anticipated. Logitech does not expect this accounting write down to affect its business or financial performance beyond the recently completed third quarter. Logitech is up 45c or 6.2% to $7.71 in late morning trade.