BEIJING, May 27: China's Lenovo Group reported lackluster financial performance last year due to sluggish global PC demand.
The world's largest PC maker raked in about 44.9 billion US dollars in revenue last year, down 3 percent year on year and suffering a net loss of 128 million US dollars, according to its financial report released Thursday, reports Xinhua news agency.
Lenovo reported net profits of 829 million US dollars in 2014.
The company attributed the revenue drop to foreign exchange rate fluctuations, a slowdown in the global PC market and investment to revive the Motorola smartphone business it acquired in 2014.
Income from PC business fell by 11 per cent to about 30 billion US dollars. Smartphone sales reached 66 million units, down 13 per cent year on year.
Lenovo's smartphones posted strong sales growth in Europe, the Middle East and Africa, while Chinese and North American markets dragged down its overall growth.
International rating firm Fitch expected only low-single-digit growth in global smartphone sales in 2016, following 10 per cent growth in 2015, and predicted PC sales would decline by 3 to 5 per cent.
- TM [Read More]

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Source: The Financial Express