WATCH: China's Lenovo reported a 24% fall in revenue for the January-March quarter as demand for personal computers continued to slump
fourth quarter revenue fell 24% and it cut 8% to 9% of its workforce, the Chinese group said on Wednesday, as demand for personal computers continued to slump.
For the full year through March, Lenovo said its revenue shrank 14%, marking the first annual decline since 2019. Its Chief Executive Yang Yuanqing added on the call that the adjustment was done and Lenovo has no further layoffs planned.The COVID-19 pandemic gave a huge boost to electronics sales as consumers and companies alike stocked up on or upgraded existing gear to accommodate a shift to remote work.
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