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The world’s largest PC maker Lenovo Group CEO Yang Yuanqing said that the company in the past fiscal year made a provision for one-time restructuring, in which less than 5% of the employees were laid off, helping the company save nearly $850 million in operating expenses each year in the future.
Yang emphasized that the latest round of reorganization has ended and there is no further layoff plan for this fiscal year.
He predicted that the PC market will stabilize in the second half of this year, and that the IT service market is also returning to relatively high growth, thereby driving the growth of the entire IT market. He added that the group has sufficient cash reserves and the cash cycle improved notably.