Swiss technology firm Logitech has laid off 300 employees amid the challenging global macro-economic environment, the media reported on Thursday.
New Delhi, March 23,2023: Swiss technology firm Logitech has laid off 300 employees amid the challenging global macro-economic environment, the media reported on Thursday.
In a major global reorganisation, the maker of computer accessories has decided to cut about 300 jobs, reports People Matters.
According to Logitech President and CEO Bracken Darrell, the slump in the business was due to challenging global broader macroeconomic environment and “lower enterprise and consumer spending”.
Logitech had 8,200 employees as of March 2022. The company has also cut its outlook for the year.
“Regrettably, a number of our employees were affecteda by the changes, a company spokesperson was quoted as saying in the report.
Logitech’s revenue nosedived to $1.3 billion in its fiscal 2023 third quarter, 22 per cent down from a year earlier.
“This performance reflects the challenging macroeconomic environment. Category sales declined in both US dollars and constant currency,” the company said in January this year.
Compared to Q3 of the prior year, Gaming sales declined 16 per cent and video collaboration sales declined 21 per cent.
Keyboards and Combos sales declined 22 per cent and pointing devices sales declined 14 per cent.
“This reflects consumer purchasing concentrated in promotional weeks throughout the quarter, and lower enterprise and consumer spending,” said the company.
“These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending,” said Darrell.
Logitech’s Fiscal Year 2023 outlook has been adjusted to between negative 13-15 per cent negative sales growth in constant currency.
