Lenovo’s fourth quarter revenue fell 24% and it cut 8% to 9% of its workforce, the Chinese group said on Wednesday, as demand for personal computers (PCs) continued to slump, reports Reuters. The world’s largest PC maker said revenue for the January-March period was $12.63 billion, marking the third consecutive quarterly fall. Lenovo’s result compared with a $12.74 billion average of eight analyst estimates compiled by Refinitiv.
For the full year through March, Lenovo said its revenue shrank 14%, marking the first annual decline since 2019. Chief Financial Officer Wong Wai Ming, said in a call with reporters that Lenovo had cut 8% to 9% of its workforce in the quarter in order to “manage expenses.”
Its Chief Executive Yang Yuanqing added on the call that the adjustment was done and Lenovo has no further layoffs planned.
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