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Lenovo Sees 64% Drop in Profits During Fiscal Q4

By Che Pan and Brenda Goh

BEIJING () – China’s Lenovo announced on Thursday a 64% decrease in its fourth-quarter profits. The company stated that this significant drop was primarily attributed to a non-cash reduction in the valuation of warrants.

Lenovo, which leads globally as the top producer of personal computers, announced revenues totaling $16.98 billion for the period ending March 31. This amount surpassed analyst predictions of $15.6 billion according to LSEG figures.

The net profit for the company’s owners amounted to $90 million, significantly below analysts’ expectations of $225.8 million.

(Reported by Che Pan and Brenda Goh; Edited by Sonali Paul)