Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Lenovo posts another revenue decline as PC demand remains slow

An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee/File Photo
An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019.... An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee/File Photo
An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee/File Photo
An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019.... An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee/File Photo

Listen to the article now

Lenovo posts another revenue decline as PC demand remains slow. As the supply of personal computers (PCs) continues to exceed the demand for them, China’s Lenovo Group Ltd. (0992. HK) reported on Thursday that its revenue for the three months that ended in September fell by 16%, which was in line with what the market was expecting.

This is the fifth consecutive quarter that the world’s largest PC maker has suffered a sales decrease as it continues to digest excess inventory amassed during the COVID-19 epidemic. Lenovo’s quarterly revenue declined 16% to $14.41 billion from the same period last year, marking the fifth consecutive quarter that the company has suffered a sales decline.

The outcome was contrasted to the $14.45 billion average calculated by LSEG from the projections of seven different analysts. Following a pandemic-induced boom for the electronics sector, Lenovo reported in May that its revenue had decreased by 14% for the year up to March. This was the company’s first annual dip since 2019.

The COVID-19 epidemic led to an increase in sales of both business and consumer gadgets worldwide due to the widespread use of remote work. Despite this, income has been decreasing since the previous year due to supply beginning to exceed demand.

The number of personal computers shipped globally during the second quarter of 2023 decreased by 7%, according to Canalys’ research. Late in 2017, quarterly shipping decreases exceeded 30%; however, the pace of reduction has reduced considerably in recent quarters.

Lenovo has been developing its non-PC industries, such as smartphone manufacturing, server manufacturing, and information technology (IT) service provisioning, to boost its profit margins.

Lenovo’s digital solution service division saw its sales increase by 14% during the first half of the company’s fiscal year, reaching a total of $3.6 billion.

The overall net income attributable to shareholders during the second fiscal quarter decreased by 60% to $249 million, compared to the forecast of $235 million that analysts provided.

Following the publication of the quarterly results report, the price of Lenovo shares dropped by 3.58%, compared to a decrease of 1.65% in the benchmark index (.HSI).


Comment Template

You May Also Like

Business

MSG Networks has returned to Optimum after a nearly two-month blackout, restoring Knicks and Rangers coverage for frustrated fans. The new deal places MSG...

Business

Alphabet has introduced **Premium Lite**, a lower-cost YouTube subscription offering ad-free videos (excluding music). This move aims to expand YouTube’s subscriber base and reduce...

Business

India has been named the best solo travel destination for 2025 by Kensington, thanks to its rich culture, history, and diverse experiences. From the...

Business

Warren Buffett's Berkshire Hathaway has aggressively sold stocks, amassing a record $334 billion in cash. Major divestments include Apple and Bank of America, while...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok