Lenovo

Chinese tech giant Lenovo has reported a $714 million (£469m) loss for the second quarter of its financial year after incurring restructuring costs.

Lenovo's restructuring costs, which include job cuts and clearing stocks of old smartphones, reached $923m. But revenues increased by 16% to $12.2 billion and the loss was not as bad as analysts feared.

The world's largest PC manufacturer said it saw demand and growth slow across its PCs, smartphones and tablets.

Making the announcement, Lenovo said: "The macro-economy and global markets remained challenging, along with currency fluctuations in emerging markets.

"In addition, the China smartphone market continued to see a market shift from traditional carrier channels to online, while competition in China further intensified."

Earlier this year, Lenovo announced a restructuring programme saving $1.35bn, including 3,200 job cuts.