Zebra Technologies, a maker of marking, tracking, and computer printing technologies, is laying off 700 employees, or more than 7% of its workforce. The job cuts are a significant reduction from the company’s previous estimate of 2% to 3% of layoffs.
The layoffs come amid a slowdown in sales for Zebra Technologies. The company’s third-quarter revenue is expected to be down 30-35% from 2022 levels, and its overall sales for the year are expected to be about 20-23% lower.
Zebra Technologies is attributing the sales slowdown to a number of factors, including the end of the pandemic-related surge in demand for its products, as well as the ongoing chip shortage.
The company said that the layoffs are necessary to “realign our resources to focus on our most strategic growth opportunities.” The layoffs are expected to be completed by the end of the year.
Zebra Technologies is not the only company that has announced layoffs in recent months. Other companies that have announced layoffs include IBM, Intel, and Microsoft.
The layoffs are a sign of the challenges that many businesses are facing amid the economic slowdown. However, it is important to note that Zebra Technologies is still a profitable company. The company’s revenue for the first half of 2023 was $2.8 billion, up 10% from the same period in 2022.
Zebra Technologies is a leading player in the smart data capture market. The company’s products are used by businesses of all sizes to track inventory, manage assets, and improve efficiency.
The layoffs are a setback for Zebra Technologies, but the company remains well-positioned for long-term growth. The company has a strong portfolio of products and services, and it is well-positioned to capitalize on the growing demand for smart data capture solutions.
