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Tag: Biz

  • Lenovo begins laying off employees as PC biz takes a beating

    Lenovo begins laying off employees as PC biz takes a beating

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    New Delhi: Global technology brand Lenovo has reportedly started laying off employees, as its PC business suffers significantly amid economic downturn.

    According to a report in CRN, the job cuts at Levono are “part of a roughly $115 million cost-cutting plan”.

    Lenovo CEO Yang Yuanqing had informed in February about a coming “workforce adjustment” as part of a broader reduction in spending.

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    The company had about 75,000 employees at the end of its 2022 fiscal year.

    “Like our CEO Yuanqing Yang said at our most recent quarterly earnings announcement, we are reducing operational expenses and making workforce adjustments where necessary and appropriate,” a company spokesperson said in a statement.

    “We continue to invest in the areas that accelerate growth and the overall transformation of the company,” the spokesperson told WRAL TechWire.

    A “severe downturn” in the PC and smartphone markets caused the company’s revenue to drop 24 per cent (year-on-year) to $15.3 billion and net income to $437 million in the quarter ended December 31.

    The company had hinted at the job cuts in future as part of the overall cost reduction.

    Lenovo CFO Wong Wai Ming had blamed the downturn on a “confluence of global economic challenges and dynamic shifts in market demand”.

    In the March quarter (Q1 2023), weak demand, excess inventory and a worsening macroeconomic climate resulted in the global shipments of traditional PCs recording 56.9 million, a huge 29 per cent drop compared to the same quarter last year, according to the International Data Corporation (IDC).

    Lenovo led the global PC market with 22.4 per cent market share, followed by HP Inc at 21.1 per cent and Dell Technologies at 16.7 per cent.

    According to the report, the pause in growth and demand is also giving the supply chain some room to make changes as many factories begin to explore production options outside China.

    If recession in key markets drags into next year, recovery could be a slog.

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    #Lenovo #begins #laying #employees #biz #takes #beating

    ( With inputs from www.siasat.com )

  • At Mumbai Exhibition, JK Recorded Rs 50 Lakh Sale, 200 Biz Leads, Govt Says

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    SRINAGAR: More than 30 exhibitors participated in the Maharashtra International Trade Expo (MITEX) and sold items worth Rs 50 lakh.
    A spokesman for the Jammu and Kashmir Trade Promotion Organization (JKTPO) said. Exhibition generated sale of about more than 50 lakhs with over 1200 sales orders and more than 2000 Business leads for the exhibitors from Jammu and Kashmir.
    “Major products which remained high in demand during the event were Carpets, Pashmina shawls, Crewel shawls, Sozni works, Saffron, walnut, Raj mash, Honey, Spices,” the spokesman said. “GI tagged Saffron, Silk Carpets, Pashmina and ODOP products of J&K were among major attractions.” The exhibition was organized by Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA).
    JKTPO is providing both physical and virtual e-commerce marketing platform to entrepreneurs of Jammu and Kashmir at the national and international levels, the spokesman said. “In line with its continued endeavour to provide market linkage to sellers and notable products of Jammu and Kashmir, the JKTPO during the current week is organising a International Buyer Seller Meet at SKICC, Srinagar on 1st March,2023 for Agri and Food Processing sector where more than 60 buyers of Agro and food processing products from 15+ countries will participate and more than 100 J&K sellers will exhibit their products.”

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    #Mumbai #Exhibition #Recorded #Lakh #Sale #Biz #Leads #Govt

    ( With inputs from : kashmirlife.net )