• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, May 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Markets

Logitech Announces Major Global Reorganization, Lays off 300 Employees

by Indrajeet Giram
March 23, 2023
in Markets
Reading Time: 2 mins read
0
Logitech Announces Major Global Reorganization, Lays off 300 Employees

Logitech Announces Major Global Reorganization, Lays off 300 Employees

TwitterWhatsappLinkedin

Swiss technology company Logitech has reportedly laid off 300 employees amidst a challenging global macroeconomic environment. The maker of computer accessories has made the decision as part of a major global reorganization, according to reports.

You might also like

Americans and Non-Americans Alike Struggle to Find Jobs in the US Amid Tough Market Conditions

“We came close,” admits Sundar Pichai about Google’s near acquisition of Netflix

Weekly Business News: From Antfin’s exit from Paytm to Zerodha on the Nasdaq Tower

According to Bracken Darrell, the President and CEO of Logitech, the decline in business is due to the difficult global macroeconomic environment and decreased spending by both enterprises and consumers.

Logitech Announces Major Global Reorganization, Lays off 300 Employees
source : ksquarearchitects.com

Logitech, which had 8,200 employees as of March 2022, has also cut its outlook for the year. According to a company spokesperson, “regrettably, a number of our employees were affected by the changes.” Logitech’s revenue has fallen to $1.3 billion in its fiscal 2023 third quarter, a 22% decline from the previous year.

“This performance reflects the challenging macroeconomic environment. In January 2022, the company announced that sales across categories decreased both in US dollars and in constant currency.

Compared to the third quarter of the previous year, Gaming sales have declined by 16%, and video collaboration sales declined by 21%. Keyboards and Combos sales also declined by 22%, while pointing devices sales fell by 14%.

Growth of Logitech in challenging global macroeconomic conditions

According to Logitech, consumer purchasing was focused on promotional weeks during the quarter, and both enterprise and consumer spending decreased. These results demonstrate the challenging global macroeconomic conditions, which include currency exchange rates, inflation, and lower enterprise and consumer spending, as noted by Darrell.

As a result, Logitech has adjusted its Fiscal Year 2023 outlook to negative sales growth of between 13-15% in constant currency. The company expects the challenging macroeconomic environment to continue impacting its business.

The layoffs come as a blow to Logitech employees and the tech industry, which is currently navigating a global shortage of computer chips and other supply chain issues. The pandemic has also disrupted the industry, with remote work and learning becoming the norm for many.

The global chip shortage and other supply chain disruptions have caused many tech companies to struggle with production delays and rising costs.

These challenges, along with inflation and lower consumer spending, have resulted in lower-than-expected earnings and revenue for many companies. As a result, many firms have been forced to restructure and cut costs to remain competitive.

Logitech Announces Major Global Reorganization, Lays off 300 Employees
source : telecom.economictimes.indiatimes.com

Logitech’s decision to lay off 300 employees amidst a challenging global macroeconomic environment reflects the struggles faced by many companies in the tech industry.

The company’s revenue decline, lowered outlook, and Darrell’s statement regarding lower enterprise and consumer spending illustrate the impact of macroeconomic factors on Logitech’s business. While the layoffs are unfortunate, they may be necessary for Logitech’s survival in a highly competitive and challenging environment.

Tags: Business OperationsCorporate strategycost cuttingDownsizingEmployee rightsHuman Resourcesjob lossLayoffsLogitechRestructuring
Tweet54SendShare15
Previous Post

Toshiba agrees to buyout proposal led by Japan Industrial Partners

Next Post

Accenture plans to cut 19,000 jobs: Reports

Indrajeet Giram

📚 Avid reader 🔋constant learner curious analyzer @ everything 📝Business & Economic Journalist ✍️

Recommended For You

Americans and Non-Americans Alike Struggle to Find Jobs in the US Amid Tough Market Conditions

by Rounak Majumdar
May 17, 2025
0
Americans and Non-Americans Alike Struggle to Find Jobs in the US Amid Tough Market Conditions

The United States job market in 2025 is proving to be one of the most challenging in recent memory, affecting both American citizens and non-Americans seeking employment. Recent...

Read more

“We came close,” admits Sundar Pichai about Google’s near acquisition of Netflix

by Ishaan Negi
May 17, 2025
0
Another milestone in Sundar Pichai’s journey as AI boom gets him close to billionaire status

In a rare moment of candid reflection, Google CEO Sundar Pichai recently disclosed that the tech titan once came very close to acquiring Netflix — a move that,...

Read more

Weekly Business News: From Antfin’s exit from Paytm to Zerodha on the Nasdaq Tower

by Ishaan Negi
May 17, 2025
0
Weekly Business News: Top business updates in this week

As global politics, business strategy, and technology intersect in new ways, India is increasingly finding itself at the heart of key developments—ranging from Big Tech’s manufacturing decisions to...

Read more
Next Post
Accenture plans to cut 19,000 jobs: Reports

Accenture plans to cut 19,000 jobs: Reports

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?