Lenovo is planning to cut 11% of its workforce and cut pay packages for executives by 30% to 50%, while it expects to post a loss for the most recent financial quarter.

The job cuts will affect about 2 500 employees around the world.
In the third quarter, Lenovo's revenues declined by 78%, and the trend looks likely to have continued into the fourth quarter.
The restructuring announced yesterday is expected to save the company about $300-million.