Lenovo Group, the world’s largest PC maker, reported a 72% drop in net profit for its fourth quarter, as personal-computer sales continued to decline due to a deteriorating global economy and soft consumer spending. Revenue for the three months ended March fell 24% to $12.635 billion, as its main business of PC, smartphone and other device sales dropped 21%. The company cited a demand slowdown and exchange-rate fluctuations as reasons for the decline.
Lenovo is not alone in facing the effects of the economic downturn. Many companies have had to adjust their strategies to remain competitive in the current market. However, Lenovo is confident that its long-term strategy will help it weather the storm and emerge stronger in the future.