Lenovo to be one of first players to launch 5G products, CFO says

Lenovo will be among the first companies to introduce 5G products, its chief financial officer told CNBC on Thursday (May 24). The technology, which is set to dethrone 4G as the next generation of mobile internet, is expected to improve connection speeds. "I think we obviously believe that 5G is going to be a very interesting technology," Wong Wai Ming told CNBC's Emily Tan. "We have been working on that, and we expect we will hopefully be one of the first players to be able to launch 5G products." Wong did not offer any further details on those 5G products, and said he could not identify a date for Lenovo introducing 5G. The Chinese tech company posted a hefty loss in its latest financial results on Thursday. It reported a loss attributable to shareholders of $189 million for the full year, compared to a $535 million profit it had achieved the previous year. Lenovo, primarily known for its personal computers, has been facing challenges to its business as it tries to stay relevant in both the PC and mobile industries. It was uncrowned by HP in 2017, shipping less PCs than the U.S. company, according to market intelligence firm IDC. Lenovo's mobile business has also been underperforming, but Wong said the mobile unit would "return to a much better financial health, I think, in the near future." The firm sells smartphones through both its Lenovo and Motorola brands. Correction: This story has been updated to correct the name of Lenovo's chief financial officer to Wong Wai Ming and state the company reported a loss attributable to shareholders of $189 million for the full year.