The global recession has taken a toll on yet another computer company.
Lenovo reported on Thursday a net loss and sales decline for both the fourth quarter and fiscal year ended March 31. The Hong-Kong-based PC maker watched its annual revenue shrink to $14.9 billion, a drop of 8.9 percent from the previous year. Including restructuring costs and one-time expenses, the annual net loss totaled $188 million.
For the fourth quarter, sales slumped 25.8 percent to $2.8 billion, combined with a pre-tax loss of $268 million.
Results were certainly hurt by the restructuring costs, which contributed $… Read more