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Lenovo posts $16.01m net loss

(chinadaily.com.cn)
Updated: 2009-08-06 12:02

Lenovo Group, the world's fourth largest personal computer (PC) maker, reported a net loss of $16.01 million, or 0.18 cents per share, for its fiscal first quarter ending June 30.

Its revenue went from $4.21 billion to $3.46 billion during the period, falling 17.9 percent.

The PC maker said its global personal computer shipments rose 1.1 percent year-on-year, and its global market share went up 0.4 percentage points to a record high of 8.6 percent.

The company said its gross margin dropped to 11 percent from 14.1 percent a year earlier.

Lenovo said it will continue to push its restructuring plan, eying savings of $300 million a year.