Overall group revenue climbs due to lockdown-influenced PC market growth
Lenovo announced that its mobile business had rebounded in its first financial quarter of 2020, despite a fall in revenue annually.
Though the manufacturer did not give precise figures, it said that mobile revenue increased 33 per cent over the last quarter. While it still marked a year-on-year decrease, Lenovo noted annual volume increases in Latin America, North America and Europe.
Overall, Lenovo group revenue was up nearly seven per cent year-on-year, to $13.3 billion (£ billion), while net income increased 31 per cent annually to $213 million.
The manufacturer’s PC and Smart Devices Group (PCSD) was a key driver for this growth, with the PC market driving 30 per cent and 18 per cent increases in EMEA and China respectively.
“Our outstanding performance last quarter proves that Lenovo has quickly regained momentum from the impact of the pandemic and is capturing the new opportunities emerging from remote working, education and accelerated digitalization,” said Lenovo chairman and CEO Yang Yuanqing. “While the world continues to face challenges, Lenovo is focused on delivering sustainable growth through our core businesses as well as the new services and solutions opportunities presented by our service-led intelligent transformation.”
According to Strategy Analytics, Lenovo is the top notebook vendor in the world, with 25 per cent market share, just ahead of HP with 24.8 per cent.