China's Lenovo Group today reported into its biggest-ever quarterly loss in the three months from July to September.
The company was forced to soak up acquisition and restructuring costs to cope with tepid demand in the global personal computer and smartphone markets.
The world's biggest maker of personal computers said it booked a net loss of $714m for its fiscal second quarter, compared with a net profit of $262m a year ago.
Though big, the loss was narrower than the $787.8m analyst expected, according to Thomson Reuters SmartEstimates.
Beijing-based Lenovo last year made two multi-billion-dollar acquisitions - Google's Motorola handset unit and IBM's low-end server business - in a response to the shrinking global market for personal computers.
The company said earlier this year it would book a one-off charge of about $900m in smartphone inventory clearing and restructuring costs in the second quarter.
It also plans to cut about 3,200 non-manufacturing jobs this year.
The company said in a filing to the Hong Kong stock exchange it expects the realignment moves to generate cost saving of $1.35 billion on an annual basis.
