From Tom's Hardware: Lenovo is the latest major PC company to feel the heat from a shrinking PC market. The biggest computer manufacturer is planning to cut jobs after seeing its net profits fall for the first time in almost three years, the Financial Times reports.
The number of jobs the company intends to cut wasn't mentioned.
According to Lenovo's fiscal year Q3 report (PDF), "revenue declined by 24 percent year-on-year to US$15.3 billion."
The company's biggest issue is its Intelligent Devices Group (IDG), which includes computers, smartphones, tablets and other hardware. Revenue dropped by 34% and operating profit fell by 37% year-on-year, respectively. The company's report states that PC sector shipments "regressed to pre-COVID levels" while there was still too much product in the channel, though Lenovo claims IDG still maintained its leadership in market share.
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