Lenovo profit drops 72%, revenue falls 24% on continued weak PC sales,


By Yifan Wang

Lenovo Group’s net profit fell 72% in its fourth quarter, as personal-computer sales continued to decline amid a deteriorating global economy and soft consumer spending.

Net profit for the three months ended March was $114 million, the world’s largest PC maker said Wednesday. That compared with profit of $412 million a year earlier.

Revenue fell 24% to $12.635 billion, as its main business of PC, smartphone and other device sales fell 21%. The company cited a demand slowdown and exchange-rate fluctuations as reasons for the decline.

Write to Yifan Wang at yifan.wang@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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