Mouse maker Logitech is seeing its sales decline significantly, and net income has dropped 70 percent in Q4.

Profits dropped to $40.5 million, down 70 percent from $133.6 million in the same quarter of 2007. In the same period, sales fell 16 percent, to $627 million. Logitech blames the poor results on low demand of PC speakers and keyboards.

The company has announced it plans to cut 550 to 600 jobs, and it will incur a restructuring fee of up to $24 million over the next 12 months.

More here.