Lenovo to slash 3,200 jobs after it fails to hit first fiscal quarter targets

Aug13

by Sindy Cator on August 13, 2015 at 5:05 am

Posted In: Around the Web, earnings, Insider, Layoffs, lenovo

Following a disappointing fiscal first quarter this year, Chinese PC and mobile device maker Lenovo said it would cut 10 percent of its non-manufacturing positions as part of a $650 million cost-cutting program — affecting 3,200 jobs in total. The company’s net income declined 51 percent year-over-year to $105 million, even though its global PC market share rose to a record high of 20.6 percent. Lenovo’s quarterly revenue also rose by 3 percent to $10.7 billion, but missed analyst expectations for $11.29 billion. The company’s net income declined 51 percent year-over-year to $105 million, even though its global PC market share…