Lenovo Profit Tumbles on Sagging Smartphone Sales
Lenovo Group Ltd., the world’s largest PC maker, said on Thursday its profit plunged by two-thirds in its latest fiscal quarter as it faced headwinds from a maturing PC market and weak performance at its younger smartphone division.
Lenovo was one of China’s earliest global success stories in the high-tech realm, building off its local base to become the world’s largest PC brand. But it has stumbled badly in the last two years as it tries to transition from the maturing PC market to tap fast-growing demand for a newer generation of mobile devices, most notably smartphones.
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