Shares in Lenovo dipped after the Chinese PC and smartphone maker announced it was cutting 5 per cent of its workforce amid intensifying competition and sluggish global demand.
Lenovo outlined plans to slash 3,200 non-manufacturing jobs as it looks to restructure and cut costs in its PC businesses. It also said it would streamline its smartphone business and produce "fewer, more clearly-differentiated models."
The restructuring announcement came as the group released first quarter results. Net income for the three months to June fell 51 per cent year-on-year to $105m, but this was still well ahead of analysts' expectations of $71.7m. Revenue grew 3 per cent year-on-year to $10.7bn.
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