Lenovo profits are down a staggering 75% in the 'new normal' PC markettechspot.com
The big picture: The PC market is adjusting to the post-pandemic world, compelling companies to grapple with the fact that customers no longer need to update their machines as frequently as they have in recent years. The pace of the PC business is slowing down, and Lenovo is being particularly impacted by this new normal.
The current PC market is melting Lenovo's profits. The Chinese manufacturer recently published its financial results for the fourth quarter of fiscal year 2022/23, choosing to highlight the positive results in ancillary business divisions while the PC group is experiencing a substantial downsizing.
In the three-month period ending March 31, Lenovo reported revenues of $12.6 billion, marking a 24% downturn compared to the same period in the previous year. Pre-tax profits plummeted a staggering 75% to just $130 million, largely due to workforce restructuring charges.
Lenovo's Intelligent Devices Group, the business ...
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