Lenovo posts quarterly loss on higher costs, flat sales

Lenovo posts quarterly loss on higher costs, flat sales

Lenovo posts quarterly loss on higher costs, flat sales

Chinese PC and mobile maker Lenovo Group Ltd. (LNVGY.PK) reported that its loss attributable to equity holders for the first-quarter ended June 30, 2017 was about US$72 million, compared to profit of US$173 million reported in the corresponding period of a year ago.

Despite PC and mobile gains, Lenovo posted its first quarterly loss in nearly two years this month, while also warning of higher costs due to component shortages.

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Revenue of USD 10.012 billion was little changed compared to USD 10.056 billion a year earlier, and the operating result was a loss of USD 6 million versus a profit of USD 245 million a year ago. However, Lenovo was succeeded as the world's largest PC maker by HP in the quarter through June, and the core PC business is declining faster than that of many competitors: PC shipments in Q2 fell six per cent, compared to a market fall of three per cent. Lenovo said higher average selling prices helped make up for the lower volume, while its market share dropped by 0.6 percentage points year-on-year to 20.4 percent. Revenue of the Data Center business decreased 11 percent year-on-year to US$971 million. We're talking a $72 million net deficit, with the PC and Smart Devices (PCSD) department looking especially unhealthy, as shipment scores plunged year-on-year from 13.2 to 12.4 million.

Revenue from the PC and smart devices business, contributing nearly 70 percent of the total, increased 0.2 percent to $7.01 billion in the quarter. Lenovo's smartphone business continued to break through in Western Europe, it said.

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Lenovo said it expects the cost pressure to continue in the short term, due to component constraints and spending on mobile marketing.

As it turns out, the latest quarter wasn't that bad for Lenovo's Mobile Business Group however.

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