Chinese Technology Company, Lenovo Set To Lay Off Thousands Of Workers

Chinese multinational computer technology company, Lenovo has  revealed it plan to lay off employees due to the global PC market taking a significant hit.

The organization further explained that there was a huge reduction in demand for its products as the reason behind the layoffs.

The company has not disclosed how many employees will be affected, but reports suggest that the number could be in the thousands.

The news comes amid a broader slowdown in the global PC market, which has been struggling to keep up with the rise of mobile devices such as smartphones and tablets. With more people working from home due to the COVID-19 pandemic, there was a brief surge in demand for PCs, but that trend appears to have subsided in recent months.

Lenovo, which has a significant presence in the US and European markets, has been hit particularly hard by the downturn. The company’s revenue fell by 3% in the last quarter of 2022, compared to the same period the previous year.

Despite the challenging conditions, Lenovo remains committed to its long-term growth strategy. The company has recently expanded into new areas such as smart home devices and cloud computing, and it is hoped that these initiatives will help to offset the decline in the PC market.