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Logitech’s income has dropped significantly from $133.6 million to $40.5 million over the course of Q3 last year to Q1 this year.
It hasn’t yet been reported on what exactly has caused the gigantic drop in value for the company, but it is expected that the struggling economy has a lot to do with it. Because of this, they will be cutting much of their spending on researching and developing the higher end products.
“We already made some decisions to trim some products that were interesting, but maybe more high end,” stated Jerry Quindelen, Logiech’s CEO. Products that “aren’t perfect for this timeframe and set of conditions” will most likely be delayed.
Their layoff plans hope to save them $50 million this year, and will come to the tune of around 500 jobs.
Image Credit: Logitech