Lenovo posts quarterly loss on restructuring costs

Thursday 12 November 2015 | 09:12 CET | News
Lenovo reported a net loss of USD 714 million for its fiscal second quarter to September, compared to a profit of USD 262 million a year earlier. The result included USD 599 million in restructuring costs and a USD 324 million one-time charge to clear smartphone inventory. Lenovo said it was on track to realise around USD 650 million in cost savings in the second half of the fiscal year and USD 1.35 billion on an annual basis. Quarterly revenues were still up 16 percent year-on-year to USD 12.2 billion and rose 23 percent excluding currency effects, while the gross margin fell to 13.0 percent

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Categories: IT / Mobile & Wireless
Companies: Lenovo / Motorola
Countries: World
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