Peripherals maker Logitech is laying off about 300 people as part of a global reorganization caused by a drop in company revenue, Bloomberg reported. According to its fiscal 2023 financial report, the drop is 22 percent from its fiscal 2022 numbers. Logitech had 8,200 employees as of March 2022.
The company attributes the drop in revenue to the downturn in the peripheral sales boom that emerged in the wake of the coronavirus pandemic, as well as the "broader macroeconomic environment and lower spending by businesses and consumers."
Similarly, after the release of its financial report, technology consulting giant Accenture announced plans to cut 19,000 employees (2.5% of its staff) as part of budgetary savings amid global economic conditions. The company also lowered its annual revenue and profit forecasts. The staff reduction is planned to be spread over a year and a half.