Lenovo Says Forex Hurt PC Sales Earnings But Smartphone Sales In India, EMs Was strong
The fluctuations in Foreign exchange were Lenovo’s biggest headache in third quarter, this was said by the chief of financial officer Wong Wai Ming at world’s biggest PC maker.
Wong, is a member of Global CFO Council, said that other than greenback, currencies are already depreciating both mature and emerging markets. This was considered a problem when earnings from outside U.S. reported in U.S. dollars.
“Lenovo’s top 10 countries already account for more than $40 million difference,” Wong said.
Despite of slowing demand on PCs, Lenovo held its position as number one PC supplier, with around 21.4 percent share in market, this was according to research firm IDC. And Lenovo’s smartphone business broke even on operational basis, meeting company’s goal breaking even just four to six quarters after acquiring Motorola in 2014. Sales of Motorola smartphones rose up to 25 percent from previous quarter, spite of a tough environment that caused even Apple’s iPhone sales to fall.
Wong told that smartphone market was really losing momentum globally but “if you really look at emerging markets, it gives you a different picture.”
Lenovo was doing particularly well India, Brazil, Indonesia, and Russia.
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