ARN

Logitech to cut staff, revise earnings forecast

Computer peripherals vendor will announce details of its plans on January 20 with its Q3 results

Computer peripherals vendor, Logitech, has announced plans to slash its salaried workforce globally by 15 per cent and signalled intentions to revise down its 2009 growth targets for sales and operating income.

In a release, CEO and president, Gerald P. Quindlen, attributed the developments to a weak retail environment and reduced customer inventories while claiming the economic environment would worsen in coming months.

Savings from the workforce cut are expected to bear fruit in the first quarter of the 2010 financial year, with details of the revised earnings targets and restructuring to be announced along with the company’s Q3 results on January 20, the statement said.

Calls to Australian Logitech representatives went unanswered at time of publication.

Logitech joins other companies like Sony, Ericsson, Adobe, and HP in announcing staff cuts and comes on the back of the most recent Olivier Job Index results, which showed Australian IT&T job advertisements fell 37 per cent in 2008.

Logitech held its first Australian partner awards in Sydney in July, 2008.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: Adobe, Ericsson, Hewlett-Packard, HP, Logitech, Olivier, Sony
References show all

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: logitech
ARN Directory | Distributors relevant to this article
ACA Pacific , Alloys , Anixter , Aquion , ASI Solutions , Australasian PC Distributors (APCD) , Australian IT Spares , Avnet Technology Solutions , Banksia Software , Bluechip Infotech , Compucon Computers , Dicker Data , Express Data , Express Online , ICT Distribution , Impact Systems Technology , Leader Computers , Lynx Technologies , Mittoni , Multimedia Technology , Scholastic , Synnex Australia , Topstar Computer International , XiT Distribution , Xpress I.T. , Dynamic Supplies , Fusion Power Systems , Sektor
ARN Directory | Vendors relevant to this article
HP
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/aca-pacific/392_kodak-i2000-series-scanner-add-a-smart-touch-t
ACA Pacific

Kodak i2000 Series Scanner - Add a Smart Touch to your office.

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.