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China's Lenovo suffers loss in Q3, resulting from US tax reforms

Lenovo has expressed confidence that it could drive growth and it will be "positively impacted" by US corporate tax cuts

Reuters  |  Hong Kong 

Photo: Reuters Chinese personal computer maker Lenovo Group swung to a loss in the third quarter from a year-ago profit, hurt mainly by a one-off charge of $400 million resulting from a US tax reform, and said the short-term outlook was challenging. However, the company expressed confidence it could drive growth and that US corporate tax cuts would "positively impact" future earnings of its operations in the country. Tax reforms signed into law in December lower the income tax rate for US firms to 21 percent from 35 percent. Lenovo, a unit of Legend ...

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First Published: Thu, February 01 2018. 12:26 IST