Mergers and acquisitions and restructuring costs led to Lenovo booking its first annual loss since 2009, but crappy demand for PCs and smartphones didn t exactly help to wax the bottom line either.
The Beijing HQ d biz reported sales for fiscal 16 ended 31 March of $44.9bn, down three per cent year-on-year, after ending the period on a financial low - sales in Q4 fell 19 per cent to $9.13m.
Fewer consumers are buying PCs and many businesses went through a major refresh in 2014 when Microsoft ended support for Windows XP.
It will attack areas such as gaming and detachables to seek out new growth pastures.
The integration of the Motorola did not meet expectations , its handset shipments in China fell 85 per cent and the move to higher price bands in North America was not successful .
It moved to save $650m a year in costs last summer, in part by axing 3,200 people.