Lenovo seen falling another 27% after posting surprise Q1 loss
Firm's smartphone, data centre bet seems dragging it in the wrong direction
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Beijing
LENOVO Group, which breathed new life into IBM's personal-computer (PC) business, bet that it could do the same with mobile phones and data centres. Now, it's beginning to look like that gamble is dragging the Chinese manufacturer in the wrong direction.
The shares of China's biggest PC maker fell 3.5 per cent in Hong Kong trading on Monday, after it reported a surprise net loss of US$72 million on Friday that triggered a similar decline. Analysts cut their price targets for the stock, with Macquarie Securities downgrading its rating to "hold" from a "buy".
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