Zebra Technologies is laying off 700 employees, or more than 7 per cent of its workforce, amid a slowdown in sales.
It is a significantly deeper cutback than previously expected from the maker of marking, tracking, and computer printing technologies, reports Chicago Business.
The job cuts were disclosed in a securities filing in the US and in recent calls with investors.
“Zebra has a track record of judiciously managing our operating expenses and investments with a long-term view. Our disciplined approach has enabled our long history of success, preparing us to succeed in challenging times,” the company said in a statement.
“While we are currently facing a difficult and uncertain business environment, we believe these actions are needed to reprioritise and invest in parts of our business that will strengthen our business for the long run,” it added.
The job cuts came amid a slowdown in sales, following a pandemic boom.
Zebra forecast that its total third-quarter revenue will be down 30-35 per cent from 2022 levels, finishing the year with overall sales about 20-23 per cent lower.
The company enjoyed strong growth during the pandemic as its handheld computers and bar-code equipment were used by several retailers.
Its stock had more than tripled to nearly $600 per share in December 2021.
Zebra Technologies specialises in technology used to sense, analyse and act in real time, sometimes known as smart data capture.
Its products include mobile computers and tablets, software, thermal barcode label and receipt printers, among others.
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