Reported 5 months ago
Lenovo Group Ltd. has reported better-than-expected profit for the third consecutive quarter, with net income more than doubling to $248 million in the March quarter, surpassing analyst estimates. The company's PC shipments grew by close to 8%, reaching 13.7 million units, and its infrastructure solutions group saw record revenue, driven by increased AI investment from customers. Lenovo also introduced AI PCs, a new category of laptops and desktop computers, positioning itself as an early player in this segment. Despite struggles in the China market, the company anticipates continued recovery in 2024, fueled by the introduction of new AI PCs and commercial buyers refreshing their devices purchased during the pandemic.
Source: YAHOO