Lenovo Profits down due to slowing sales

Lenovo Profits down due to slowing sales

China based personal computer maker Lenovo Group has come out with their latest revenue report.

The company has posted profits which have dived 78 percent compared to the same period last year.

Lenovo said that their revenues suffered due to the global economic slowdown which hit their sales and the market.

The company is now considering launching a restructuring initiative to cut costs and boost profits.

Lenovo Chairman Yang Yuanqing said in his statement: “We had our own execution issues. The rollout of new products, control of gross margins and the progress of the strategic plan fell short of our expectations.”