Lenovo posts biggest loss since 2009, high costs overshadow revenue growth
Updated : May 24, 2018 12:35 PM IST
Chinese PC maker Lenovo Group swung to its biggest annual loss in nine years as higher component costs, an expected tax writedown and lower income from asset disposals overshadowed growth in revenue.
The company, which lost the world's largest PC maker crown to HP Inc in 2017, has seen its core PC business suffer from a shrinking market globally, while its smartphone business struggles to stay ahead of fierce competition.
For the year ended March 2018, Lenovo's revenue rose 5 percent to a three-year high, but the company still posted loss attributable to shareholders of $189 million, versus a $535 million profit a year ago.