Lenovo records y-o-y growth of 0.2% in revenue in the June quarter

The largest personal computer manufacturer in the world, Lenovo Group, reported flat sales for the April-June quarter, which coincided with the COVID-19 lockdowns that affected several Chinese cities. This was the company’s most lackluster performance in nine quarters.

The total revenue for the quarter was $16.96 billion, up 0.2% from the same quarter a year prior, but it was in line with the $16.87 billion average Refinitiv projection derived from seven analysts. The smallest rise since the time frame ending in March 2020 was that.

However, Lenovo has made significant progress in diversifying into other, higher-margin industries like the server running, IT services, and mobile devices; as a result, Lenovo’s non-PC sector currently represents 37% of the company’s total sales. Net income attributable to shareholders increased by 11% to $516 million for the quarter.

Lenovo India MD , Shailendra Katyal said,  “Lenovo is succeeding in our vision to bring smarter technology for all across a broad range of solutions. Our first quarter revenue in India grew y-o-y by 36% to $589 million, backed by increasing customer demand for services, along with large scale new wins by Infrastructure Solutions Group and record sales of our Motorola devices. We also were able to support our channel partners this quarter through a range of industry first digital initiatives  created to improve customer experience.”