Enlarge (credit: Scharon Harding)
What goes up must come down, the tech industry is feeling that law right now. From historically low PC sales to depressing waves of layoffs hitting big names like Google, Microsoft, Amazon, and HP, companies are having to readjust after getting used to business-fueling pandemic conditions like lockdowns and working from home. The latest is Logitech, one of the kings of the tech pandemic boom, which is painting us another picture of the downsides that come with those short-lived highs.
On Monday, Logitech announced its Q3 fiscal year 2023 results, which covers the three-month period ending December 31, 2022. Sales fell 22 percent compared to Q3 of the prior fiscal year. This includes drops in PC webcams (49 percent decline), audio and wearables (34 percent), mobile speakers (32 percent), keyboard and keyboard combos (22 percent), and pointing devices (14 percent). In the nine-month period ending on December 31, Logitech saw a 16 percent decline in year-over-year net sales. (This includes streaming services revenue from its Streamlabs division.)
That's quite the contrast from May, when Logitech announced record sales from April 2021 to March 31, 2022 (fiscal year 2022), and from April 2021, when the company announced a 76 percent increase in sales year-over-year from April 2020 to March 2021.
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