Lenovo Is Hit by a Smartphone Slowdown in ChinaBy
Lenovo is the world’s top name in PCs, with 20 percent of computer shipments worldwide. But to insulate itself from a protracted slowdown in PC sales, the company has been trying to earn more money by selling smartphones. As part of that strategy, Lenovo last month completed the acquisition of Motorola Mobility from Google for $2.9 billion. That deal helped catapult Lenovo into the No. 3 spot worldwide, behind only Samsung Electronics and Apple. “Lenovo will be No. 3 in the global smartphone market, but definitely we will not stop here,” Chief Executive Yang Yuanqing told Bloomberg News on Oct. 30. “We want to become the leader in the smartphone and mobile devices area.”
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