China’s Lenovo extends revenue growth streak, beats expectations

News, Tech

China’s Lenovo extends revenue growth streak, beats expectations

By Josh Ye

HONG KONG (Reuters) – China’s Lenovo Group reported a 9% rise in fourth-quarter revenue to $13.8 billion on Thursday, as the world’s largest maker of personal computers (PCs) exits a demand slump following the aftermath of the COVID-19 pandemic.

Revenue for the January-March quarter beat an average estimate of $13 billion drawn from eight analysts, according to LSEG data.

This marks a second consecutive quarter of revenue growth for Lenovo after it suffered five straight quarters of revenue declines amid the post-COVID slowdown.

Last month, research firm IDC said the global PC market has finally returned to growth during the first quarter this year after suffering nearly two years of decline.

PC shipments grew 1.5% year over year to 59.8 million during the quarter, with Lenovo firmly holding on to the No.1 title with a 23% market share, according to IDC.

China’s Lenovo extends revenue growth streak, beats expectations — FILE PHOTO: An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee/File Photo

But overall, Lenovo’s revenue for the year ended March 31 fell 8% to 61.9 billion, beating analysts’ expectations of $56.19 billion.

Lenovo’s net profit for the January-March quarter rose 118% to $248 million, beating analysts’ estimates of $162 million.

Tags: Lenovo, smartphone market

0

About the Author / 4imag team

The 4iMag Team is a collective byline representing the collaborative work of journalists, researchers, academics, and field experts who contribute to 4i Magazine’s exploration of innovation, intelligence, information, and insight. Each article published under the 4iMag Team is a result of interdisciplinary collaboration—blending in-depth journalistic investigation with the expertise of leading lecturers, professionals, and specialists from around the world. By fusing front line reporting with expert perspectives, especially on breakthroughs in fields like artificial intelligence, cybersecurity, space technology, and emerging scientific paradigms, the 4iMag Team produces timely, well-researched content that is both accurate and rich in thought leadership.