Alongside Sony, Logitech was one of the first companies to start selling a device using the Google TV platform, which lets customers access the web and use apps via their TV.
In its latest results, Logitech said it would slash the price of its Revue smart TV system from $249 to $99, after earlier cutting it from $299. The price cut will cost the company at least $34 million.
Logitech said it was seeing more returns at the moment than sales, leading to the price cut. Acting CEO Guerrino De Luca admitted the firm "misvalued what the consumers saw in the box", according to a transcript of a conference call on ZDnet.
De Luca said the lack of an app store was a major problem, saying "GoogleTV has not yet fully delivered to its whole promises - witness the absence for now of an app market which I believe is a unique differentiator between Google TV and other competitive approach, as well some evolutions that are needed in content in UI."
Still, Logitech said the Google TV experiment wasn't a total waste. "Engaging with Google was the right thing to do," De Luca said. "It allows us to build a strong relationship with a technology leader, which promises to bear more fruit down the road, and to develop a thorough understanding of the emerging smart TV market."
A Google spokeswoman said the company was still working on TV development. "It's still early days for smart TVs and we're investing to continue to bring innovation and progress for our partners and users," she told the Wall Street Journal, saying an updated version of the platform would be released this year. De Luca said the updated version would run on existing boxes.
The Revue has so far only been released in the US.
This article originally appeared at pcpro.co.uk