[photopress:amelio1.jpg,full,alignright]The Lenovo Group, the personal computer maker in China which acquired IBM’s PC business, said its fiscal second-quarter profit fell 16 percent from a year earlier because of slow growth, price-cutting and the cost of absorbing IBM’s PC division. William J. Amelio, Lenovo’s chief executive said the company will require a few more quarters before the deal with IBM will pay off.
Net profit for the quarter ended Sept. 30 was $38 million, compared with $45.4 million the year before, the company said. Revenue rose 1 percent, to $3.7 billion.
Source: New York Times