China’s Lenovo Group reported a 24% revenue decline for the third quarter, its largest revenue fall in 14 years as global demand for electronics slumped, and said it would look to cut spending and make workforce adjustments, reports Reuters. The world’s largest maker of personal computers (PCs) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 24% from the same quarter a year earlier. The results trailed an average Refinitiv estimate of $16.39 billion drawn from seven analysts.
The outbreak of COVID-19 in 2020 provided a huge boost in electronic sales for Lenovo and its peers worldwide as many people opted to work remotely and replaced or upgraded their equipment.
However, demand has begun to fall and Lenovo’s revenue started contracting in the July-September quarter last year.
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