Mainland China electronics firm Lenovo Group (90992.HKG) will lay off 3,200 employees after seeing a 51% fall in net profit for its first fiscal quarter, South China Morning Post reported, citing a statement to the Hong Kong Stock Exchange. The largest global supplier of personal computers said the layoffs will be completed in this quarter to September, eliminating about 10% of its non-manufacturing workforce around the world. The move is supposed to reduce expenses by US$650 million in the second half of the company’s fiscal year to March, and by US$1.35 billion annually. The company’s share price had fallen 9.09% to HK$7.70 (US$0.99) as of the end of trading on Thursday.
China Economic Review