Lenovo has 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.
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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