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HONG KONG :China’s Lenovo Group, the world’s largest maker of personal computers, on Thursday reported October-December revenue of $15.72 billion, up 3 per cent from the same period a year earlier.
The result compared with the $15.25 billion average of eight analyst estimates compiled by LSEG.
Revenue started contracting in 2022 at the end of a boom in demand for PCs and other electronic products brought about by COVID-19. Lenovo then recorded five quarters of revenue decline, with analysts forecasting growth in the sixth.
Net income attributable to shareholders rose 23 per cent to $337 million in October-December, versus analysts’ $309 million estimate.
Researcher Gartner in January reported Lenovo’s third-quarter PC shipments grew 3.2 per cent versus the same period a year earlier. Industry-wide PC shipments likewise grew, by 0.3 per cent, reflecting market recovery after an almost two-year decline.
Lenovo controlled 25.6 per cent of the global PC market during the period, Gartner data showed, with HP, Dell and Apple in second, third and fourth place.
The PC maker is working to improve profitability by expanding non-PC businesses, the most notable of which sells information technology services to enterprises. Revenue for its service business unit rose 10 per cent to $2 billion.
Lenovo’s share price was down 0.58 per cent in morning trade, versus a 0.15 per cent increase in the benchmark Hang Seng Index.
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