Logitech cuts 300 jobs on post-Covid slump
Logitech International, a Swiss manufacturer of computer keyboards, mice, webcams and other computer accessories, is laying off about 300 people in a global reorganisation. “This also means that unfortunately a limited number of people from Switzerland are affected,” a spokesperson said on Thursday without giving an exact number. The 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 (CHF1.2 billion). The company attributed the slump to the broader macroeconomic environment and “lower enterprise and consumer spending”, CEO Bracken Darrell said in the January report. The company also cut its outlook for the year. Logitech – founded in a farmhouse in Apples, canton Vaud, in 1981 – had 8,200 employees as of March 2022, it said in its latest...