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.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.