When China's Lenovo Group took over fading mobile-phone pioneer Motorola Mobility in October 2014, Chief Executive Yang Yuanqing vowed to restore the brand as a global leader.

Mr. Yang saw the $2.91 billion deal as a chance to repeat a success he had a decade before, when Lenovo acquired International Business Machines's money-losing personal-computer division and turned the combined company into the world's largest PC maker.

But two years after buying Motorola, Lenovo has axed at least 2,000 U.S. jobs. It has fallen to as low as No. 8 globally in the smartphone world, from No. 3. In May, Lenovo reported its first annual loss since 2009, which Mr. Yang blamed partly on restructuring costs after the acquisition of Motorola.

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