Computer accessories and peripherals maker Logitech has been one of the beneficiaries of the pandemic as the move to work from home en masse has dramatically increased demand for webcams, headsets, mice and keyboards. As sanitary restrictions eased, the trend was reversed, and the company is now facing a decline in revenue and has been forced to cut its headcount by 300 people.
Image Source: Logitech
Given that Logitech had 8,200 employees in March last year, this is not such a big loss, but in general, such measures reflect the situation in the industry. Both software giants and e-commerce companies, not to mention manufacturers of PCs and components for them, are forced to resort to staff reductions. Apple stands apart, which did not really inflate the state during the pandemic, but not everything is so good with it either.
At the end of January, the Logitech calendar ended the third quarter of fiscal year 2023, the company reported a decrease in revenue for the period by 22% year-on-year to $ 1.3 billion. At the same time, the new chief financial officer of Logitech Charles Boynton (Charles Boynton) took office. Management believes that the decrease in revenue is due to weak macroeconomic conditions and lower core costs in the corporate and consumer sectors. The company also decided to lower its revenue guidance for the entire fiscal year. Staff reductions are a natural consequence of the observed trends.
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