Lenovo’s financial results for fiscal 2008 saw a net loss of $226 million, compared to $448 million profit for the previous year.
The vendor has reported widening loss margins for the last two quarters. It lost $96 million in Q3 and $264 million in Q4 of the last fiscal year.
The firm has seen a drop in demand from every global region outside of China. Shipments to the Americas fell by 19 per cent, EMEA by 13 per cent and the shipments to Asia outside China declined by 32 per cent.
The only positive sign for the company has been China, where demand has increased by four per cent.
“The past two quarters have been a particularly challenging time in our industry
world wide, and we took some significant steps to get our business back on the right path,” said Lenovo’s chairman Liu Chuanzhi.
“We remain committed to growing our business profitably worldwide, and while our performance in the fourth fiscal quarter did not meet our expectations, we are confident that we have the right pieces in place to hit our financial targets and be ready to take advantage as economic conditions improve.”