Logitech to cut staff, revise earnings forecast
- 07 January, 2009 09:14
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.