Lenovo achieves record results for the ninth quarter in a row with growth in revenue and profitability | ICT Business | TechBuzz

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Lenovo achieves record results for the ninth quarter in a row with revenue and profitability growth


Photo: Dražen Tomić / Tomich Productions
Lenovo Group has announced record Group results in the first quarter, showing growth in revenue and profitability for the ninth consecutive quarter. First-quarter net profit rose 11 percent year-on-year to US$516 million and 35 percent year-on-year to US$556 million based on Hong Kong financial reporting standards. Revenue rose to US$17 billion, up 5 percent year-over-year in constant currency.

The group recorded 37 percent of revenue from business activities that do not include personal computers, which means that the transformation strategy focused on services as well as continuous investments in business diversification proved to be successful and represent an opportunity for growth in the future.

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These new drivers of growth in solutions and services, infrastructure solutions and mobile business activities achieved double-digit revenue growth year over year – contributing to growth and Lenovo’s broader commitment to achieving a doubling of profitability in the medium term. The Group remains committed to doubling investment in research and development (R&D) and has increased R&D investment by 10 percent year-on-year and increased R&D headcount by 29 percent year-on-year.

Lenovo continues to capitalize on opportunities driven by accelerated digital/intelligent transformation and hybrid operations while successfully overcoming a series of industry-wide challenges. Overall, the Group remains optimistic about the industry’s long-term growth potential and the opportunities provided by investing in new growth drivers. The Group believes that by implementing its strategy together with its core competencies such as innovation, operational excellence and global/local operating model, it has the agility and resilience to successfully manage any macro or micro challenges.

“We successfully expanded our business and improved profitability for the ninth consecutive quarter while our non-PC revenue mix reached 37 percent. These are the results of our strategic foresight and strong execution, along with our operational resilience,” said Yuanqing Yang, Lenovo’s president and CEO. “Although external challenges may persist in the short term, the digitalization trend continues to accelerate, and the hybrid work model remains. We are confident in seizing these opportunities and will continue to invest, innovate and deliver sustainable growth and improved profitability”. President and CEO Yuanqing Yang points out.

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