Logitech Lays Off 300 Employees As Computer Accessories Sales Drop: Report

Swiss know-how agency Logitech has laid off 300 staff amid the difficult world macro-economic surroundings, the media reported on Thursday.

In a serious world reorganisation, the maker of laptop equipment has determined to chop about 300 jobs, stories People Matters.

According to Logitech President and CEO Bracken Darrell, the stoop within the enterprise was resulting from difficult world broader macroeconomic surroundings and “decrease enterprise and shopper 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 corporate stated in January this yr.

Compared to Q3 of the prior yr, Gaming gross sales declined 16 per cent and video collaboration gross sales declined 21 per cent.

Keyboards and Combos gross sales declined 22 per cent and pointing gadgets gross sales declined 14 per cent.

“This displays shopper buying concentrated in promotional weeks all through the quarter, and decrease enterprise and shopper 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,” stated Darrell.

Logitech’s Fiscal Year 2023 outlook has been adjusted to between detrimental 13-15 per cent detrimental gross sales progress in fixed foreign money.

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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)