Lenovo's sales, profit fell in Q1
MAINLAND CHINA'S largest notebook PC manufacturer, Lenovo posted its fourth fiscal quarter and annual results for the year ended March 31 on Thursday, reporting that quarterly sales fell 25.8 per cent while gross profit lurched downwards 49 per cent in the quarter, both year on year.
The company said its worldwide PC shipments were off 8.2 per cent in the first calendar quarter compared to the same period last year. Its revenues for the quarter were $2.8 billion and the firm reported a fourth quarter pre-tax loss of $268 million, including a $116 million restructuring charge and $71 million in other one-time items.
In a statement, Lenovo Chairman Liu Chuanzhi said, "The past two quarters have been a particularly challenging time in our industry worldwide, and we took some significant steps to get our business back on the right path."
For its 2008 fiscal year, the company reported that PC shipments rose 2.2 per cent but revenues fell 8.9 per cent year over year to $14.9 billion, resulting in a full year loss to shareholders of $226 million. µ
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Because we lack confidence and conviction, we decided to 'pull back and wait' when the market started to slow
This complete weakness on the part of Lenovo as a company has meant that while confident companies like Acer have picked up massive market share, we are dying a death
If only we had been confident in ourselves and our prodcts - hired strong local teams - and 'gone for it' in 2007...
...we would be in a MUCH stronger position now
We're all really sad and a little ashamed :~(
Must be all those returns on netbooks that can run windows software but came equipped with linux.
There's 2 kinds of companies in this market. Ones who are contracting at really high rapid rates and one's who are lying about how well they are doing or receiving money from questionable sources.