China's Lenovo to cut 11 percent of workforce - 2,500 jobs

AP
Thursday January 8, 12:21 am ET
By Joe Mcdonald, AP Business Writer

Chinese PC maker Lenovo to cut 11 percent of workforce, warns of quarterly loss

BEIJING (AP) -- Shares of Lenovo Group tumbled Thursday after the world's fourth-largest computer maker warned it expects a loss for its latest quarter and will lay off 11 percent of its workforce and cut executive pay.

Lenovo said it will eliminate about 2,500 jobs worldwide, including some management positions. It said executive compensation would be cut by 30 to 50 percent.

 

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