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China’s Lenovo posts revenue growth after five quarters of decline

February 22, 2024
in India
Reading Time: 2 mins read
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China’s Lenovo Group, the world’s largest maker of private computer systems (PCs), reported stronger-than-expected earnings on Thursday, with income returning to development after 5 quarters of decline amid a post-COVID-19 slowdown.

It stated October-December income rose 3% from the identical interval a yr previous to $15.72 billion. Analysts polled by LSEG estimated income to be flat at $15.25 billion.

Income began contracting in 2022 on the finish of a increase in demand for PCs and different digital merchandise that had been caused by motion restrictions throughout the pandemic. However after nearly two years of decline, the market is displaying indicators of restoration, partly on account of distributors clearing extra stock.

Researcher Gartner in January reported Lenovo’s third-quarter PC shipments grew 3.2% versus the identical interval a yr earlier. Trade-wide PC shipments likewise grew, by 0.3%.

Lenovo managed 25.6% of the worldwide PC market throughout the interval, Gartner knowledge confirmed, with HP HPQ.N, Dell DELL.N and Apple AAPL.O in second, third and fourth place.

Nonetheless, whereas Lenovo loved an upturn in third-quarter income, revenue dropped 23% to $337 million. Nonetheless, even that exceeded market expectations.

Lenovo’s share value rose after the earnings announcement and was up 3.27% in afternoon commerce versus a 1.45% improve within the benchmark Hold Seng Index. 

The agency noticed income develop in most markets, nevertheless it plunged 10% at dwelling in China. The drop “positively displays” challenges posed by slowdown on the planet’s second-largest economic system, stated CEO Yang Yuanqing at an earnings briefing.

Nonetheless, buyers have been shopping for Lenovo shares over the previous 12 months partly on account of anticipated demand for “AI PCs”, or private computer systems optimised to run synthetic intelligence (AI) software program. In that point, Lenovo inventory has gained greater than 25%.

On Thursday, Lenovo stated AI PCs – together with these able to operating AI purposes with out being linked to the web – might be a method focus for the foreseeable future. Final yr, it unveiled greater than 10 AI-capable PCs on the Worldwide Client Electronics Present.

AI PC shipments will probably attain 50 million items this yr and are set to greater than triple to 167 million items by 2027, accounting for near 60% of complete shipments, confirmed knowledge from researcher IDC.

Lenovo can also be set to profit from being one of many expertise trade’s large producers of “AI servers”, or devoted AI computer systems outfitted with a number of processing chips developed by main AI chipmakers corresponding to Nvidia NVDA.O.

“The AI server (market) is anticipated to develop twice as quick because the (conventional) server market,” Yang stated.

Lenovo has been a significant accomplice of U.S. chipmaker Nvidia, however as america bans exports of high-end AI chips to China to gradual that nation’s technological improvement, that partnership has come beneath investor highlight.

Requested concerning the capability to supply Nvidia’s AI chips, Yang stated provide has been steady for Lenovo’s non-China enterprise.

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