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Shares in PC manufacturer Lenovo suffered a 6% drop on Thursday (Aug. 17) after the company reported a bigger loss than expected for its first quarter, as reported by WRAL TechWire.
As noted by Reuters, revenues came in at $12.9 billion, about $500 million below expectations.
However, the tech giant, which has its US headquarters in the Triangle, is moving forward with an additional $1 billion investment in artificial intelligence. The initial investment was announced back in June.
The company says it “remains committed to doubling investment in innovation in the mid-term, including an additional US$1 billion investment over three years to accelerate artificial intelligence (AI) deployment for businesses around the world – specifically AI devices, AI infrastructure, and AI solutions.”
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Particularly, Lenovo will focus on providing AI-powered devices, infrastructure and content to help customers improve their productivity.
Lenovo says that the PC market is stabilizing after sales continue to fall globally. The company added that they believe that the market can recover and resume growth in the second half of the fiscal year.
