Shares in Lenovo plunged some 7 percent immediately after the global tech giant reported a big drop in revenues and earnings.

Profits missed analysts’ expectations as Lenovo’s struggling mobile business continued to slide but revenue was slightly higher than projected.

Lenovo, which maintains dual headquarters in Morrisville and Beijing, reported early Thursday that its revenues fell in the fourth quarter by 6 percent year-over-year to $12.2 billion.

That was slightly better than analysts’ projections of $11.7 billion.

However, earnings plummeted 67 percent to $98 million, far under the $145.9 million analysts’ estimates.

Lenovo’s mobile business reported an operating loss of $112 million while sales dropped 23 percent to $2.2 billion.

Revenues of its server business, which is based in the Triangle, also fell by 20 percent to $1.1 billion.

But the world’s PC leader did report a 2 percent growth in PC shipments, thus keeping its global sales leadership according to data from various research firms.

PCs still make up 70 percent of the company’s revenues.

“Despite ongoing macro-economic uncertainties and the two new businesses still in transition, Lenovo delivered a solid performance last quarter,” said Yang Yuanqing, Lenovo’s Chairman and Chief Executive Officer, in a statement.

“Our PC business remains strong, our Mobile business has made steady progress, and our Data Center business now has a clear improvement plan in place. Although it takes time to build the core competence in these two new growth engines, we are confident to achieve breakeven and profitable growth in them.”