1. Lenovo to slash 3,200 jobs after it fails to hit first fiscal quarter targets

    Following a disappointing fiscal first quarter this year, Chinese PC and mobile device maker Lenovo said it would cut 10 percent of its non-manufacturing positions as part of a $650 million cost-cutting program — affecting 3,200 jobs in total. The company’s net income declined 51 percent year-over-year to $105 million, even though its global PC market share rose to a record high of 20.6 percent.

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