Lenovo Takes $400 Million Charge on U.S. Tax Reform
Lenovo is one of a small but growing group of Chinese companies with major U.S. operations, in this case acquired through its landmark purchase of IBM’s personal computer assets in 2005. Photo: Visual China
PC giant Lenovo Group Ltd. said it will take a major charge related to newly overhauled U.S. tax laws, becoming one of the first Chinese companies to disclose such a move after a slew of similar announcements by global firms.
Shares of Lenovo fell 1.5% in Thursday trade after the announcement, approaching lows not seen for seven years. The company has struggled in the last two years as growth for its core PC business slows and its newer mobile products, including smartphones and tablets, fail to find a major audience.
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