Lenovo has reportedly started laying off employees due to a "severe downturn" in the PC and smartphone markets. As per a report by CRN, the layoffs are part of a roughly $115 million cost-cutting plan announced by Lenovo CFO Wong Wai Ming in the company's third-quarter earnings call in February. Lenovo's revenue dropped 24% y-o-y to $15.3 billion in Q3.