Lenovo revenue grows 10% to $13.8 bn in Jan-March

Lenovo Group has revealed its financial result – saying revenue increased nearly 10 percent to $13.8 billion and net income doubled to $248 million during January-March 2024.
Lenovo ThinkBookLenovo’s revenue for the full fiscal year was $56.9 billion, and net income was $1 billion. Lenovo said Operational excellence and Hybrid AI innovations fostered a 6 percent YTY rebound in net income in H2.

Q4 performance

Lenovo’s revenue from SSG (Solutions & Services Group) was $1.82 billion, up 10 percent. Managed Services, Project & Solution Services revenue mix reached 55 percent, up 5pts. Lenovo’s Hero offerings, e.g. Digital Workplace Solution & Hybrid Cloud, delivered rapid growth.

Lenovo’s revenue from ISG (Infrastructure Solutions Group) was $1.48 billion, up 15 percent. Lenovo’s combined revenue from Storage, Software and Services up 52 percent YTY. Lenovo’s HPC revenue was record high. Lenovo’s Edge revenue was record high for Q4.

Lenovo’s revenue from IDG (Intelligent Devices Group) was $10.5 billion, up 7 percent. Lenovo’s PC market share was 22.9 percent. Lenovo was #1 in 4 out of 5 geographies. Lenovo’s smartphone shipment rose 23 percent. Lenovo’s tablet shipment rose 13 percent.

In the global tablet market, Lenovo ranked fourth in January-March with growth of 13.2 percent by shipping 2.1 million units. In the PC market, Lenovo has shipped 13.7 million PCs to grab 23 percent share during January-March, IDC report said.

Lenovo has launched its AI PCs as well as AI capabilities covering other smart devices, smart infrastructure, and smart solutions and services. Lenovo expects the AI PC to grow from its current premium position to mainstream over the next three years, driving a new refresh cycle for the industry.

Lenovo said hybrid AI is also driving greater demand for AI infrastructure and customers are increasingly asking for customized AI solutions and services, particularly consulting, design, deployment and maintenance of AI.

Lenovo Chairman and CEO Yuanqing Yang said: “Lenovo’s fourth quarter results clearly demonstrate that we have not only resumed growth across all our businesses but that our business momentum is accelerating, driven by the unprecedented opportunities brought by Hybrid AI.”

Baburajan Kizhakedath

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