Feb 19, 2017 09:11 PM EST
Tech company Lenovo posted a drop in its third quarter profits as it faced "sizeable" challenges in its business lines of data centers, mobile devices and personal computers.
The Lenovo Group reported a six-percent decrease year-over-year on its quarterly revenue to $12.2 billion. Its third quarter pre-tax income was $101 million, which was a 68-percent drop year-over-year. The company's net income plummeted 67 percent year-over-year to $98 million.
Lenovo attributed the loss to the "sizeable challenges" the company faced in its three main lines of business: the data center, mobile devices and personal computers and smart devices that, according to analysts' reports, have continued to experience either slow growth or no growth at all during the quarter ending Dec. 31, 2016.
"Despite ongoing macro-economic uncertainties and the two new businesses still in transition, Lenovo delivered a solid performance last quarter," said Yang Yuanqing, Lenovo chairman and CEO.
Yuanqing said the company's PC business remains strong, while the mobile business has made steady progress.
The company head added their data center business now has a clear improvement plan in place.
"Although it takes time to build the core competence in these two new growth engines, we are confident to achieve breakeven and profitable growth in them," Yuanqing said.
Lenovo's gross profit for the third fiscal quarter has seen a 15-percent drop year-over-year to $1.6 billion, with gross margin at 13.1 percent.
The company posted a 64-percemt decrease year-over-year on its operating profit for the third quarter. Basic earnings per share for the quarter was 0.90 US cents, or 6.98 HK cents. Lenovo also reported a net cash of $155 million as of Dec. 31, 2016.
The tech company posted a two-percent increase year-over-year in its PC and Smart Devices Business Group (PCSD). For the quarter, the PCSD saw a 10.2-percent growth. Lenovo also saw strong growth in tablets, up ten percent year-over-year, outperforming the market by 29 points.
And the world of NFTs expands far beyond art and collectibles. A new era of tokenized digital assets is being created using the blockchain. Here are seven unique NFT use cases that the interested investor should know.
However, there are some simple steps that anyone can take which will help to improve their performance when it comes to trading foreign exchange markets. Here are ten small things that can make a big difference in your FX trading success.
o prevent significant losses, risk management expertise is essential. His adage, "Rule No. 1: Never lose money," has become a stock market classic. Never forget Rule No. 1; this is Rule No. 2. This practice is followed by even the most successful investor, Warren Buffett, who advises others to follow suit.
One of the significant advancements is shifting the payment operations for remote workers. If the compliances are not met, it may lead to severe legal complications. The owner and organization may be held labially separately. The remote working lifestyle continuously grows and is a testament to becoming an endless working mode. Today we discuss components for payroll for remote workers
BRG International Founder Matias Alem had recognized this fact for a few years. So he remodeled his real estate brokerage into something completely new to solve the problem for his jet-setting international client base.
Ryan Early, hailed as 'Farmer Ryan' among sustainable agriculture experts, is a busy man. He has a laundry list of companies to his name, including Blue-Green Ventures, the company behind the revolutionary product, Blue MagicTM, a non-toxic and eco-sustainable pest preventative product using his patented BiomeMax TM Pheromonal Replication Technology.
Investor, financier, and expert in both cryptocurrencies and blockchain technology, Joy Mbanugo is the go-to in the sector. She has vast experience and knowledge across tax services, auditing, business operations, financial analysis, capital markets, and other specializations.
When Nick Collins was just 14 years old, he started his first business, which included around-the-clock phone calls and numerous questions from his parents. In fact, he began building his stout portfolio in the seventh grade by doing web design, incorporating creative content with brand strategies and plugging in a then-fledgling tech Flash.
Barry Gabster is the founder of InitiateU and is a leading proponent of the marketing mailer revolution, having already taken his company to 10x growth in 2021, alone. In fact, the exponential growth has seen the company rise from $800K-$8.5M just on word-of-mouth referrals.