Lenovo Delivers Outstanding Q1 Performance and Strong Growth, Overcoming Challenging Global Environment
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 Yang Yuanqing, Lenovo Chairman and CEO.
Global economic factors
The last quarter has presented multiple industry-wide business challenges, including ongoing geo-political uncertainties and the COVID-19 pandemic. Looking to the geo-political landscape, Lenovo continues to believe that cooperation in trade, technology and culture provides significant economic benefits to all markets and will ensure that technology can benefit and empower everyone in society.
Business Group Overview
Lenovo’s Intelligent Devices Group (IDG) continues to lead the company’s strong performance. The PC and Smart Devices Group (PCSD), one of the two IDG business units, grew revenue by double digits year-on-year to US$10.6 billion. The PC market significantly outperformed the industry forecast of a market decline, with Lenovo retaining its #1 leadership position in the worldwide PC Devices market (PC and Tablets). Similarly, there was strong year-on-year growth (45%) in Consumer business revenue worldwide. The worldwide e-Commerce business was a notably stellar performer, with revenue growth over 50% year-on-year.
As a result, Lenovo will focus on innovative products that adapt to the new global environment, further strengthen its global supply chain to meet the fast-growing demand, continue to develop its e-Commerce platform and focus on high-growth segments to drive premium-to-market growth with leading profitability.
Lenovo (HKSE: 992) (ADR: LNVGY) is a US$50 billion Fortune Global 500 company, with 63,000 employees and operating in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that create a more inclusive, trustworthy and sustainable digital society. By designing, engineering and building the world’s most complete portfolio of smart devices and infrastructure, we are also leading an Intelligent Transformation – to create better experiences and opportunities for millions of customers around the world.
Sep 11, 2020 at 17:25