10 Things You Must Know About Lenovo: we present you with another company today we are looking at 10 things you did not know about Lenovo. Welcome to Techguideme hello guys today we are revealing some interesting and surprising facts about Lenovo one of the world’s largest manufacturers of personal computers. Lenovo was founded in Beijing in 1984 as a legend and it was incorporated in Hong Kong in 1988. They absorbed the IBM line of personal computers in 2005.
They then entered the cell phone market in 2012 as of 2014 there was the biggest seller of cell phones in mainland China and it was that year they acquired Motorola this solidified them in the cell phone market Lenovo’s main headquarters are in Beijing China and North Carolina in the United States and they have locations in 60 countries and sell their products in over 160 countries they are now a producer of some of the most popular personal devices in the world. We are impressed by Lenovo’s initiative success and ability to maintain its position in such a changing market if you are new here we’ll help them be sure to subscribe and follow our newsletter and let’s take a closer look at the 10 things this super company with the 15 things you didn’t know about Lenovo.
Lenovo quadrupled their staff when they posted a recruitment ad in 1988 when they first opened Lenovo had a handful of staff that lived so close to the office they could actually walk to work they couldn’t afford public transportation at the time when the company started experiencing a bit of success they decided to grow their staff so they posted a recruitment ad locally once they posted the ad they had over 500 applicants the applicants had to take a written test and interview with Lenovo they ended up hiring 26 of them one of the men they were a young man named yang yuan King, today he’s the company’s CEO.
Lenovo entered into an agreement with the giant Microsoft in 1997 prior to 1997 Lenovo had limited their sales to China once they entered into the agreement with Microsoft in 97 they became a worldwide manufacturer they began to be recognized across the world as a giant in the personal computer industry this was due in large part to their partnership with Microsoft the deal was the largest deal any Chinese business had ever made up to that point.
Lenovo spent thirty million dollars rebranding their new name in 2003 in 2003 the company decided their existing name Legend was too generic for the type of branding they sought Lenovo got its name from a combination of look from their old name legend and Lenovo which means new they did a ton of advertising and branding of this new name they bought billboards and television ads to get their new name out there and in the first eight weeks alone they spent over three million dollars in advertising the pace did not slow down much throughout the year with the final tally coming in at over 30 million dollars.
Lenovo absorbed IBM’s personal computer business making Lenovo the third largest personal computer company in the world up until 2005 IBM was known in the West as the biggest player in personal computers they were a household name and controlled a large corner of the PC market when Lenovo bought their PC division in 2005 they jumped from being an obscure company in China to be the third largest personal computer business in the world today the company competes with Dell and HP for the top three spots in the laptop and personal computer niche.
Lenovo acquired Motorola’s cell phone company for almost three billion dollars back in 2014 for years Google owns the Motorola line of cell phones they were a dominant leader in the cell phone industry however Google actually had only acquired Motorola so they could get access to their many patents once they did that they turned around and looked for a buyer and then they found Lenovo when Lenovo decided to purchase the company they would become major players in the cell phone industry this was an effort to branch out by Lenovo and it definitely worked.
Lenovo’s stock dropped by 67% in the final quarter of 2016 in 2016 Lenovo suffered its first loss in over six years they faced challenges they didn’t expect in their main business of personal computers and mobile phones their profits were forecasted to be close to 150 million dollars for the quarter and it came in at under 100 million Lenovo CEO said the company would be making a bigger effort to infiltrate the top smartphone players to increase their profits.
In 2015 Lenovo was caught installing malware known as super fish on their customers personal computers super fish intentionally put a hole in Lenovo’s customers browsers so anyone with Wi-Fi would be able to confiscate your personal information customers bank account information private information and credit card numbers were now out there on the web for people to steal the Lenovo defended the move by claiming they were trying to help their customers enjoy a heightened shopping experience the program did install a price comparison program for users Lenovo did nothing when they first learned that consumers had discovered the malware on their computers they waited for over a month and then tried to reassure customers that the program had been disabled the problem is that disabling it did nothing for the computers that had already been infected.
In May 2016 Lenovo came under fire for voting to have their technical support handled by what citizens felt was an unpatriotic company Chinese citizens were in an uproar when Lenovo recently voted to approve polder code for tech support made by a company that was not a part of the national brand of China Lenovo’s CEO and Lenovo’s Group Chairman both defended the vote they stated they were voting for the better system and the company behind polar was not unpatriotic however the full backlash of this vote may not yet have been realized by the company.
Lenovo was called legend for over 15 years before they settled on their current name when Lenovo first approached the Chinese government to ask for permission to incorporate they had a nutso catchy name of new technology developer Inc they changed their name to Legend soon thereafter but have been known as Lenovo since 2003.
Lenovo has a market cap of fifty-seven point nine billion dollars when it comes to selling Windows computers there are three main players Dell HP and Lenovo Lenovo is finding success where the others have not Lenovo CEO believes that this is because rather than limiting their sales to consumers they’re now selling units to large companies he also credits the success to the broad spectrum of products from cell phones to laptops to the new line of ThinkPads Lenovo now has a market cap of fifty seven point nine billion dollars while Dell’s market cap is twenty-four point nine billion and HP’s is thirty-nine point six billion if you’d like to find out about more valuable tech companies just click on the top right corner to watch our video of the top ten richest tech companies in the world.
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