Lenovo's acquisition of Motorola from Google hasn't gone over as well as it had hoped. In the company's latest financial report, Lenovo says "integration efforts did not meet expectations" and performance hasn't been great in some key markets. Shipments in China dropped by 85% after the acquisition and Lenovo says product transition in North America has not been successful.

When Lenovo took over the company in 2014, it believed it would "build a strong number three and a credible challenger to the top two in smartphones." But, Motorola-Lenovo isn't even among the top five smartphone makers.