Logitech announces layoffs of 300 employees as sales decline
In a major global re-organisation, the maker of computer accessories, Logitech International, decided to slash about 300 jobs.
“Regrettably, a number of our employees were affected” by the changes, said Nicole Kenyon, a spokeswoman, in an email.
The downsizing plan by the Swiss company came when a similar trend was hitting the tech industry, media reports said.
The slump in business came after the pandemic boom when computer peripherals were in demand during work-from-home mandates.
Post Covid time saw a sharp decline in revenue. Logitech’s revenue plummeted 22 per cent from a year earlier in its fiscal 2023 third quarter, to US$1.3 billion.
According to Chief Executive Officer Bracken Darrell, the slump was the result of a broader macroeconomic environment and “lower enterprise and consumer spending."
The company also cut its outlook for the year. Logitech's latest annual report, released in January, said it had 8,200 employees as of March 2022. The firm hired a new CFO, Charles Boynton, to bail it out of trouble. Logitech's latest annual report in January said it had 8,200 employees as of March 2022.