Lenovo beats expectations on revenue, profit in March quarter, eyes AI PCs for future growth
- Net income doubled to US$248 million year on year, beating the US$158.4 million average estimate of analysts, according to Lenovo’s latest earnings call
- The company is working with Microsoft and Qualcomm on a new lineup of laptops with an ARM-based chip specifically designed for AI tasks
Lenovo Group, the world’s largest personal computer (PC) maker, reported a 9 per cent year-on-year increase in revenue for the March quarter, marking its second consecutive quarterly revenue growth.
The company, with dual headquarters in Beijing and Raleigh in North Carolina, posted a better-than-expected quarterly revenue of US$13.8 billion, exceeding the estimated US$13.09 billion consensus figure from analysts surveyed by Bloomberg.
It marks Lenovo’s second consecutive quarter of growth after suffering declines since late 2022 due to the post-pandemic global demand slowdown.
Net income doubled to US$248 million year on year, beating the US$158.4 million average estimate of analysts, according to Lenovo’s latest earnings call
Meanwhile, the company’s revenue for the full year ended March 31 fell 8 per cent to US$56.9 billion, which slightly exceeded analysts’ forecast of US$56.19 billion.
The company is enhancing its focus on artificial intelligence (AI), particularly on AI PCs, referring to laptops and desktop computers embedded with native generative AI functions.
