Lenovo Q1 net profit down 51%
China’s smartphone manufacturer Lenovo reports a 51% net income reduction in the first fiscal quarter. According to Bloomberg, net income for the quarter ended June dropped to $105 million. However, the company managed to exceed analysts' forecasts who expected revenue of about $86.7 million. In addition, Chinese Smartphone Company plans to lay off about 3,200 employees in non-productive activities, which is about 5% of the total Lenovo staff. The cuts will save $1.35 billion annually, Bloomberg reports.