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Lenovo considers layoffs amid the shrinking PC market - Mobilemall

Lenovo considers layoffs amid the shrinking PC market

Lenovo considers layoffs amid the shrinking PC market

Lenovo is claimed it’s ready to debate cost-cutting measures that would see quite a few its staff being made redundant as the corporate faces the identical powerful financial challenges which have left lots of its rivals to chop prices. 

CFO Wong Wai Ming blamed the “confluence of worldwide financial challenges and dynamic shifts in market demand”, which has seen world PC gross sales dip in latest months.

Whereas Lenovo didn’t talk about exactly what number of of its employees might be in danger, Ming did allude to a discount of “runway operational bills by roughly $115m”, with the corporate’s consideration as a substitute turning to “high-margin progress engines”.

Lenovo layoffs and slowing PC gross sales

In keeping with recetn Canalys analysis, Lenovo shifted 79,290 PCs in 2022, down 20.4% from the 99,667 that it offered in 2021. Its PC market share as an entire dropped too, by nearly two proportion factors.

The ultimate quarter was particularly troubling for the corporate, with market share three proportion factors beneath the 2022 common. Shipments within the quarter dipped by 32.3% year-on-year, too.

In keeping with Lenovo’s Q3 2022 earnings (which aligns with the ultimate three months of 2022, as above), income dropped by 24% and web earnings noticed a 32% decline. 

The corporate’s lack of element concerning layoffs may stem from CEO Yang Yuanqing’s perception that the market “would possibly stabilize before many count on”. The corporate believes that complete shipments may stabilize to pre-pandemic ranges or increased as quickly because the second half of 2023, and that’s actually not out of the query with some predictions for 2023 suggesting a growth in world IT spend.

TechRadar Professional has requested Lenovo to verify any plans to scale back headcount, the corporate didn’t instantly reply to our request. 

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