HONG KONG (Reuters) - Chinese PC maker Lenovo Group on Thursday reported a 69 percent drop in fourth-quarter net profit and swung to its biggest annual loss in 9 years.
Net profit for the fourth quarter ended March was $33 million, beating an average estimate of $27.72 million from nine analysts polled by Thomson Reuters.
Revenue rose 11 percent to $10.6 billion, bringing its full year revenue to a 3-year high of $45 billion.
Lenovo's total loss for the year ending in March was $189 million, down from a profit of $535 million a year ago. That lagged an average estimate for a loss of $161.3 million from 17 analysts polled by Thomson Reuters and was the worst since Lenovo posted a $226 million loss in 2009.
(Reporting by Sijia Jiang; Editing by Himani Sarkar and Edwina Gibbs)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app