Amid consumer complaints about quality, Lenovo Group’s parent company, Lenovo Holdings, faced significant financial losses. On March 8, 2024, Lenovo Holdings issued a “profit warning” on the Hong Kong Stock Exchange. They projected a net loss of about 3.6 to 4 billion yuan (approximately 500-560 million USD) for the fiscal year 2023, compared to a net profit of 1.17 billion yuan (approximately 160 million USD) in 2022.
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Lenovo’s Subpar Products Fail Within 3 Months, Causing a $500M Loss in 2023
