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China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
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China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)

China’s Lenovo Group reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump.

The world’s largest maker of personal computers (PC) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 23% from the same quarter a year ago.

The results trailed an average Refinitiv estimate of $16.39 billion drawn from seven analysts.

The outbreak of the COVID pandemic in 2020 provided a huge boost in electronic sales for Lenovo and its peers worldwide as many people opted to work remotely and replaced or upgraded their gadgets.

However, demand has begun to fall and Lenovo’s revenue started contracting in the July-September quarter last year.

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X Names Brazil Legal Representative as It Fights Ban in the Country

A view of a laptop shows the Twitter sign-in page with their logo, in Belgrade, Serbia, Monday, July 24, 2023. (AP)
A view of a laptop shows the Twitter sign-in page with their logo, in Belgrade, Serbia, Monday, July 24, 2023. (AP)
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X Names Brazil Legal Representative as It Fights Ban in the Country

A view of a laptop shows the Twitter sign-in page with their logo, in Belgrade, Serbia, Monday, July 24, 2023. (AP)
A view of a laptop shows the Twitter sign-in page with their logo, in Belgrade, Serbia, Monday, July 24, 2023. (AP)

Elon Musk-owned social media platform X has named a legal representative in Brazil, the firm's lawyers said on Friday, in a move that would address one of the demands imposed by Brazil's top court to allow the company to operate in the country.

Andre Zonaro and Sergio Rosenthal, who were recently appointed as X's lawyers in Brazil, told Reuters that colleague Rachel de Oliveira Conceicao was chosen as the firm's legal representative, and that they had submitted her name to the Supreme Court.

Brazilian law requires foreign companies to name a legal representative to operate in the country. The representative would assume the legal responsibilities for the firm locally.

X had a legal representative in Brazil until mid-August, when it decided to close its offices in the country.

In late August, Brazil's top court ordered mobile and internet service providers to block X in the nation, and users were cut off within hours after X did not name a new legal representative.

The move followed a months-long dispute between Musk and Brazilian Justice Alexandre de Moraes over the firm's non-compliance with court orders demanding the platform take action against the spread of hate speech.

Courts have previously blocked accounts implicated in probes of spreading misinformation and hate, which Musk has denounced as censorship.

On Thursday, the lawyers representing X in Brazil said the firm was starting to comply with orders on removing content, another demand from the top court.