Lenovo has reported its financial results for the quarter ending March 2024, with total revenue of $13.833 billion, a 9% increase from the same period the previous year, and a net profit of $248 million.
The company stated that the overall direction of the company and the industry as a whole has improved since the second half of 2023. Revenue from the Solutions and Services business group and Infrastructure Solutions has reached record highs, while the Intelligent Devices group, which includes Lenovo’s core PC business, has seen significant growth due to increasing demand for AI-supported products.
A key strategy for Lenovo in the past quarter has been to reduce dependence on Non-PC revenue, which accounted for 45% of total revenue. Looking ahead to 2024, Lenovo anticipates a return to pre-COVID PC market levels, with AI PCs becoming a prominent product within the next three years. Additionally, the demand for AI in smartphones and tablets is expected to increase, leading to upgrades in infrastructure and various solution services to support AI technology.
TLDR: Lenovo reported strong financial results for the quarter, with significant revenue growth coming from AI-supported products in both PC and mobile devices, signaling a positive outlook for the company in the coming years.
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