(Bloomberg) -- Lenovo Group Ltd. said it's cutting costs in some parts of its business in the wake of a global recession triggered by the Covid-19 pandemic.
“Like every business today, we are continually managing our cost structure to ensure long-term competitiveness, including undertaking targeted expense saving actions in certain areas,” the Beijing-based PC and smartphone maker said in a statement.
Many other technology companies, including IBM, Uber Technologies Inc. and GoPro Inc., have eliminated thousands of employees recently.
Lenovo, which owns the Motorola phone brand and has several offices and engineering groups in the U.S., declined to say if its expense reductions include job cuts.
Read more: Silicon Valley Faces a Reckoning of Job Cuts Driven by Covid-19
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
