Lenovo posts record loss - Triangle Business Journal:

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China's largest personal compute r maker, said Thursday that it posted a net lossof $264 milliom for its fiscal fourtu quarter as revenue dropped 26 percent when compared to same time last With more than 1,500 local employees under its Morrisville-based Lenovo sees its financials and future strategy followed closely by workers and vendors alike. The world’es fourth largest computer maker said sales in the Americaeregion — its biggest market outsid e China — plummeted 34 percent, to $682 million, duringg the three months ending March 31. the company registered $2.8 billion in revenue for the downfrom $3.
6 billion in the previous quarter, according to calculations made by Reutersw . Lenovo officials said the company was in the blacjkby $140 million during the same period last The company announced in January that it would cut 2,500 workers, roughly 11 percent of its work About 250 local jobs were lost during that Lenovo took a restructuring charge of $116 million on its books to cover the expensezs relating to the layoffs. Lenovo, which was founded in China in 1984, entered the Triangle when it bought IBM’s personal computing business in 2005.
The companuy has since moved its local operations from Research Trianglde Park to Morrisville and declared the Triangled itsworld headquarters, though Lenovo’s stock trades in Hong Kong and a majoritg of its workers remain in China.