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Logitech fires 300 employees after company sales decline
Logitech fires 300 employees after company sales decline
Logitech, computer accessories brand, has laid off 300 employees as the company's sales were affected by current economic conditions. Logitech reportedly had 8,200 employees as of March 2022.
The popular computer peripherals brand, Logitech, has laid off some 300 people amid difficult macroeconomic conditions, reveals an IANS report originally attributed to People Matters. The report says that the reason behind the layoffs is a drop in company sales. Logitech's revenue took a 22% hit compared to last year and stood at $1.3 billion in the third quarter of 2023.
In addition, the company's game sales suffered a 16 per cent hit, and video collaboration sales fell 21 per cent compared to the third quarter of the prior year. On top of this, sales of Logitech keyboards and combos showed a 22 per cent decline, while those of pointing devices showed a 14 per cent decline.
Logitech fires 300 employees
The company's president and CEO, Bracken Darrell, said the drop in business was due to the "broader and more challenging global macroeconomic environment and lower business and consumer spending," the IANS report reveals.
The report also quotes him talking about low sales. Darrell said: "These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending." Commenting on the scenario, a company spokesperson told People Matters in an email: "Regrettably, a number of our employees were affected by the changes."
The company, in January 2023, said that its performance is a reflection of the macroeconomic environment that has proven to be quite challenging. The company also added that "category sales decreased in both US dollars and constant currency." As of now, it is unclear which teams will be affected by the job layoffs and what severance pay the employees will receive.
