Lenovohas followed up a loss in the third
quarter with more red ink in Q4 under the dual impact of the
recession and restructuring costs, writes Simon Quicke of
Microscope.
The vendor reported a loss of $264m for its quarter ended March,
which comes on the back of a $96.7m loss for the three months ended
last December, a complete reversal on the $140.4m profits of a year
before.
The impact of the weak second half of its fiscal year, which
included a total of $146m paid out in restructuring charges, pushed
the net loss for the full year to $226.4m with revenues of
$14.9bn.
“The past two quarters have been a particularly challenging time
in our industry worldwide, and we took some significant steps to
get our business back on the right path,” said Lenovo Chairman Liu
Chuanzhi in a
statement.
Yang Yuanqing, Lenovo CEO, added that it had already made moves
to get the business in shape to get through the rest of the
recession and it was "already seeing positive results from these
actions”.
This story first appeared on
Microscope.co.uk