Lenovo Profit Beats Expectations

Chinas Lenovo Group, the worlds biggest PC maker, posted a betterthanexpected quarterly profit on Tuesday and said it is continuing to benefit from new normal remote working after COVID19.

The Chinese giant said it set new records for group revenue, pretax income and net income, and all three key business groups delivered yearonyear growth for the first time in six quarters.

Last quarter was what I would call a perfect quarter for Lenovo, Chairman Yang Yuanqing told Reuters in a postresults interview.

I hope the current quarter could be even better. he said.

Lenovo reported a 53 jump in net profit for the quarter ended September to 310 million, beating average analyst estimate of 224 million, according to Refinitiv data.

Revenue increased 7 to 14.5 billion.

With the pandemic forcing companies worldwide to seek workfromhome options and people preferring to stay indoors, the company expects to benefit from increased sales of PCs and tablets.

Our gaming PCs and our thinandlight PCs actually grow margin faster than other products, said Yang.

According to research firm Gartner, worldwide shipments of personal computers rose 3.6 in the JulySeptember quarter, due to home entertainment and distance learning needs, along with the strongest growth the U.S. PC market has seen in 10 years.

Yang predicted a further 5 to 10 industrywide increase of total addressable market for PCs next year.

Lenovo strengthened its lead in PCs with 25.7 of the market, ahead of HP Inc and…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News