Struggling Lenovo to cut 3,200 jobs, streamline handset business
Lenovo is laying off 3,200 employees and trimming down its smartphone portfolio in response to a slowdown in its PC and handset sales.The Chinese company faced a particularly tough market environment during the second quarter, its CEO Yang Yuangqing said Thursday. Demand is down for PCs and tablets, and competition in China’s smartphone market is cutting into sales.The company reported second quarter earnings that failed to meet its expectations. Net profit declined 51 percent year over year to reach US$105 million. Revenue increased by only 3 percent from a year ago, to reach $10.7 billion.In response, Lenovo has announced cost-cutting measures that will reduce its employee strength of 60,000 by 5 percent. It is also restructuring its mobile business group, to pave the way for a simpler product portfolio with fewer smartphone models.To read this article in full or to leave a comment, please click here
Chuck Robbins' first earnings report is a good one.
Adtran assures us it isn't stuck in telecom's old world.
Find the info you need to start transforming your legacy network into an open, automated, agile, and secure infrastructure that address your toughest networking challenges.