Logitech, the Swiss computer accessory maker, has announced it will be cutting around 300 staff as part of a restructuring effort as the tech sector continues to grapple with a sharp decline in post-pandemic demand.
The company, which has a presence in Cork, Ireland, has said it is yet to be seen how Irish workers will be impacted by the downsizing.
Logitech first opened in Cork in 1988 and just recently moved to a new office in Mahon’s City Gate Plaza Two from its prior location in Cork Airport Business Park. Despite expansion in 2021, in which the company added 100 new workers, the 300 cuts will bring Logitech’s total headcount to around 300.
The move comes as the tech sector continues to suffer due to declining demand, resulting in many companies slashing jobs. Logitech’s revenue plummeted 22% from a year earlier in its fiscal 2023 third quarter, to $1.3bn (€1.19bn). The company attributed the slump to the broader macroeconomic environment and “lower enterprise and consumer spending,” Chief Executive Officer Bracken Darrell said in a January report.
The restructuring follows a number of other downsizing efforts from tech giants, such as Intel, Microsoft and Apple, in recent months. Logitech spokeswoman, Nicole Kenyon, said it was “regrettable” that a number of employees were affected by the decision.
The company also cut its outlook for the year and hired a new chief financial officer, Charles Boynton, in January. As of March 2022, Logitech had 8,200 employees, according to its latest annual report.