Mar 22, 2023
Logitech Cuts 300 Jobs on Post-Covid Slump in Computer Gadgets
(Bloomberg) -- Logitech International SA, a maker of keyboards, webcams and other computer accessories, is laying off about 300 people in a global reorganization.
“Regrettably, a number of our employees were affected” by the changes, said Nicole Kenyon, a spokeswoman, in an email.
The Swiss company’s move is in line with downsizing efforts across the tech industry. After a pandemic boom, when computer peripherals were in demand during work-from-home mandates, revenue collapsed. Logitech’s revenue plummeted 22% from a year earlier in its fiscal 2023 third quarter, to $1.3 billion.
The company attributed the slump to the broader macroeconomic environment and “lower enterprise and consumer spending,” Chief Executive Officer Bracken Darrell said in the January report. The company also cut its outlook for the year.
Logitech had 8,200 employees as of March 2022, it said in its latest annual report. In January, the company hired a new chief financial officer, Charles Boynton.
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