• Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Nexudus - Tech Stack Lovers
Home News Workforce

More tech layoffs? Lenovo will make “workforce adjustments” to cut costs

Despite their best efforts to present a positive outlook in their most recent financial reports, Lenovo's struggles have taken their toll. A worldwide slump in PC demand caused by the waning of the global COVID pandemic, which initially spurred a boost in tech spending, has resulted in an $850 million decrease in profits, which most likely means major layoffs.

Emma AscottbyEmma Ascott
February 20, 2023
in Workforce
Reading Time: 2 mins read
A A
More tech layoffs? Lenovo will make workforce adjustments to cut costs

More stories for you

Gen Z Workers Say They're Underused While Executives Overlook Entry-Level Talent

Gen Z Workers Say They’re Underused While Executives Overlook Entry-Level Talent

18 hours ago
US Tariffs Force Chinese Workers Out of Factories and Into Farming

US Tariffs Force Chinese Workers Out of Factories and Into Farming

19 hours ago
Australia Employment Surges Four Times Beyond Expectations In April

Australia Employment Surges Four Times Beyond Expectations In April

22 hours ago

How To Combat The 7 Self-Destructive Tendencies Holding You Back At Work With Vicky Oliver

1 day ago

What’s going on:  

Lenovo’s struggles have taken their toll, despite the company’s best attempts to paint a rosy picture in their latest financial reports. The truth is that major layoffs are inevitable in order to reduce costs by $850 million, according to Chief Financial Officer Wong Wai Ming. 

Why it matters:   

Lenovo saw a dramatic 24% year-over-year decline in revenues, amounting to more than $1 billion below analysts’ expectations of $16.39 billion, with actual revenues being reported as $15.3 billion, according to Reuters.  

Advertisements
Maximize Flexible Space Revenue

This steep drop in profits follows a worldwide slump in PC demand due to the waning of the global COVID pandemic, which had previously spurred a surge in tech spending. 

Lenovo execs failed to mention the term “layoff” in their latest press releases on financial results; however, during a conference call with analysts, CEO Yang Yuanqing did admit to cutting spending. 

Advertisements
Nexudus - Tech Stack Lovers

Reuters also reported that the tech giant, which has offices in the Triangle and Beijing, plans to lessen expenses and heighten efficiency. 

How it’ll impact the future:  

Tech layoff after tech layoff, it seems the tech industry can’t catch a break.  

Lenovo’s decline in revenue means it will eventually cut its workforce down, which is a common theme as of late of this hard-hit industry.  

It’s unclear when the tech industry will recover; according to Nerd Wallet, during 2022, more workers in tech were laid off than in 2020 and 2021 combined. 

Advertisements
Yardi Kube automates flex and coworking operations
Source: WRAL Tech Wire
Tags: Human ResourcesTechWorkforce
Share5Tweet3Share1
Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

Other Stories Recommended For You

Gen Z Workers Say They're Underused While Executives Overlook Entry-Level Talent
News

Gen Z Workers Say They’re Underused While Executives Overlook Entry-Level Talent

byAllwork.Space News Team
18 hours ago

A growing gap appears to be emerging between how young professionals view their skills and how company leaders perceive them....

Read more
US Tariffs Force Chinese Workers Out of Factories and Into Farming

US Tariffs Force Chinese Workers Out of Factories and Into Farming

19 hours ago
Australia Employment Surges Four Times Beyond Expectations In April

Australia Employment Surges Four Times Beyond Expectations In April

22 hours ago

How To Combat The 7 Self-Destructive Tendencies Holding You Back At Work With Vicky Oliver

1 day ago
Advertisements
Maximize Flexible Space Revenue
Advertisements
Disaster Avoidance Experts

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00