China's Lenovo swings to biggest loss in almost a decade

HONG KONG: Chinese PC maker Lenovo Group on Thursday reported a 69 percent drop in fourth-quarter net profit and swung to its biggest annual loss in nine years.

Net profit for the fourth quarter ended March was $33 million, beating an average estimate of $27.72 million from nine analysts polled by Thomson Reuters.

Revenue rose 11 percent to $10.6 billion, bringing its full year revenue to a 3-year high of $45 billion.

Lenovo's total loss for the year ending in March was $189 million, down from a profit of $535 million a year ago. That lagged an average estimate for a loss of $161.3 million from 17 analysts polled by Thomson Reuters and was the worst since Lenovo posted a $226 million loss in 2009. - Reuters

Start your ads-free experience now!

Monthly Plan


Annual Plan


Billed as RM148.00/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Oil posts weekly gain on solid 2024 demand outlook
PPB Group buys Techbond stake
Prabowo aims to raise Indonesia debt-to-GDP ratio toward 50%
Laundry Care ventures into linen rental business
Oriental Kopi files for Bursa IPO
BHIC wins RM1bil govt job
MI Technovation prepares for chip recovery
Local furniture export outlook hinges on US housing market
Luxury labels slash prices to attract wary shoppers
Delay in rate cuts but bonds rally

Others Also Read