Logitech lays off 300 workers due to falling sales of computer accessories
Swiss technology company Logitech has laid off 300 employees amid a challenging global macroeconomic environment, media reported on Thursday.
In a major global restructuring, the computer accessories maker has decided to cut about 300 jobs, reports People Matters.
Logitech CEO Bracken Darrell attributed the industry downturn to a challenging global broader macroeconomic environment and “lower business and consumer spending.”
Logitech had 8,200 employees in March 2022. The company has also cut its outlook for the year.
“Unfortunately, the changes affected several of our employees,” a company spokesperson said in the report.
Logitech’s revenue fell to $1.3 billion in the third quarter of 2023, down 22 percent from a year earlier.
“This performance reflects a challenging macroeconomic environment. Category sales were down in both US dollars and constant currencies,” the company said in January this year.
Compared to the third quarter of the previous year, game sales fell by 16 percent and video collaboration sales by 21 percent.
Sales of keyboards and combos fell by 22 percent and sales of pointing devices by 14 percent.
“This reflects the focus of consumer purchases on promotional weeks throughout the quarter and lower business and consumer spending,” the company said.
“These quarterly results reflect the current challenging macroeconomic conditions, including exchange rates and inflation, as well as lower business and consumer spending,” Darrell said.
Logitech’s outlook for the fiscal year 2023 has been adjusted to a negative revenue growth of 13-15 percent at constant exchange rates.
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