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
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

TNB, PETRONAS sign MoU for carbon-neutral aspirations
Wahid: Foreign shareholding remains above 20%, but not at pre-pandemic level
Bursa Malaysia closes broadly lower on continued profit-taking
Oil prices head for weekly drop on global economic slowdown worries
Two SAP staffers say HR mishandled their work-event rape claims
Asia stocks in limbo as dollar takes the lead
Elk-Desa Resources rides on recovery trend, posts RM17.59mil net profit in 1Q
TCS bags RM108.38mil construction job for Moxy Hotel
FBM KLCI dips into the red amid regional weakness
MN Holdings bags underground utilities contracts valued at RM10.5mil

Others Also Read