The Chinese PC manufacturer Lenovo has reported losses for the last quarter, however the results were better than many had anticipated.
According to the Financial Times, the company posted a net loss of $16 million, compared with a $264 million loss in the preceding quarter.
Lenovo’s sales saw a year-on-year drop of 17.9 per cent. The company relies heavily on the corporate IT market, which has suffered greatly during the recession as businesses seek to cut back spending.
Its results have been greatly boosted by its decision to focus on its home market. Chinese shipments grew by 15 per cent, increasing Lenovo’s market share the country to 28.6 per cent.
“There was little doubt that this year was going to be a challenge to our industry,” said Lenovo’s chairman Liu Chuanzhi. “We are encouraged that some of the recent actions we have taken are helping our business get off to a hopeful start during the first quarter.”