Lenovo had a nice run of profits thanks to its PC business, but like many others, it’s finding smartphones to be a tougher go. Thanks to charges related to its Motorola acquisition and $300 million worth of unsold phones, the company incurred a hefty $714 million net loss for the first time in six years. PC sales didn’t actually help much, with revenue in that division dropping 17 percent over last year (though still less than its rivals). Despite all that, Lenovo said overall sales were actually up over last year to $12.2 billion, and added that the changes it made will save $650 million this year alone.
Source: Lenovo