Chinese computer giant Lenovo to cut more than 3,000 jobs due to the drop down in its first quarter net profit by more than 50%. The Lenovo CEO described it as the "toughest market environment in recent years".
Net profit dropped 51% to $105 million for the first three months as compared to $214 million for the same period last year. Lenovo has suffered from a decline in global demand for PCs, which account for around a third of its revenue despite its efforts to diversify into other sectors, including the smartphone market.In the smartphone business, our strategic shift from China to the rest of world has paid off," Lenovo CEO said.
All rights reserved © 2018 Wisdom IT Services India Pvt. Ltd