PC Peripherals Giant Logitech Lays Off 300 Amid Sales Slump
The Swiss keyboard and mouse maker confirmed the layoffs to CRN and said they’re part of a global reorganization. The job cuts are happening after Logitech’s revenue declined 22 percent year-over-year in the previous quarter due to a slump in demand across all product categories.
PC peripherals giant Logitech International is laying off 300 employees as part of a global reorganization in response to a significant slump in demand for the company’s products.
The Switzerland-based company confirmed the layoffs to CRN on Thursday. The company’s annual filing a year ago disclosed that it had 8,200 employees at the time.
“I can confirm that, regrettably, a number of employee roles were affected in a recent adjustment of our organization,” said Nicole Kenyon, the head of Logitech’s global corporate communications.
The company—which makes keyboards, mice and video conferencing gear—saw revenue decline 22 percent year-over-year to $1.27 billion in the third quarter of its 2023 fiscal year, which ended in December. In US dollars, gaming sales declined 16 percent, video collaboration sales declined 21 percent, keyboard sales declined 22 percent and pointing devices sales declined 14 percent.
“These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending,” said Bracken Darrell, Logitech’s president and CEO, in a statement late January.
“With these external headwinds, we continued to aggressively manage our costs in the quarter, while at the same time growing market share in key categories,” he added at the time.
Logitech is among many companies in tech and adjacent industries that are making job cuts in reaction to a slowing economy. This week semiconductor company Marvell Technology announced that it will lay off roughly 4 percent of its workforce, global services provider Accenture said it plans to cut 19,000 jobs over the next 18 months and Amazon disclosed it will eliminate 9,000 jobs in new round of layoffs.