Between 550 and 600 staff losing jobs.
Further explaining the job cuts already announced, Logitech has posted its Q3 2009 financial results and, unsurprisingly, it’s not good news. Sales were down 16 per cent on the same period last year, from $744 million to $627 million, while net income dropped staggering 70 per cent, from 134 million to $40 million.
Curiously, although sales were down overall, in Asia there was an increase (year on year) of eight per cent, the total dragged down by EMEA, the Americas and decreased OEM shipments. Logitech’s bottom line was also affected by acquisitions made during the year, which all going well should lead to long term benefits counteracting the short-term losses.
While Logitech’s sales performance wasn’t great, the company is still in much better shape than many. With almost half a million in cash in hand and, as previously mentioned, a restructuring programme in place intended to save Logitech in the region of $50 million – albeit losing somewhere between 550 and 600 staff in the process.
The impression, then, is that Logitech is well placed to weather the current financial storm.