Lenovo has reported its quarterly financial results ending in June 2024, with a total revenue increase of 20% from the same period last year to $15.447 billion and a net profit of $243 million.
The Intelligent Devices business group, Lenovo’s core business, saw a revenue increase to $11.421 billion. The PC business maintained its market share at 23%, while smartphones and tablets grew by 30%.
The Infrastructure Solutions business group achieved record-breaking revenue growth of $3.160 billion, a 65% increase. The Neptune server series, featuring Liquid to Air cooling systems, experienced a 50% sales surge driven by high-demand AI workloads.
Lastly, the Solutions and Services group continued its revenue growth streak, reaching $1.885 billion, and remains a high-profit segment for Lenovo.
CEO Yuanqing Yang believes that Lenovo’s forward trajectory sets it apart from competitors by offering a full portfolio of AI-supported products. The company’s ability to adapt to the recovering technology market trends will sustain its growth momentum.
Source: Lenovo (pdf)
TLDR: Lenovo’s quarterly financial report shows significant revenue growth across its business segments, driven by strong performance in core areas like Intelligent Devices and Infrastructure Solutions. CEO Yuanqing Yang is optimistic about the company’s competitive edge and future growth prospects.
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