Lenovo Group's Q2 revenue fell 24% year-on-year to US$12.9 billion, and China market revenue fell 29% year-on-year

According to news from this site on August 17, Lenovo Group today released an announcement for the second quarter (first fiscal quarter) ending in June 2023. Q2 revenue was US$12.90 billion (note from this site: currently approximately 94.299 billion US dollars) RMB), estimated to be US$13.76 billion, a year-on-year decrease of 24%; net profit is US$176.5 million (currently approximately RMB 1.29 billion), estimated to be US$235 million, a year-on-year decrease of 66%.

Lenovo Group stated that the reason for the year-on-year decline in revenue was “clearing excess inventory in channels”. In addition, management successfully reduced operating expenses by 11% year-on-year, gradually achieving the goal of saving US$850 million (currently approximately RMB 6.213 billion).

The smart device business group's revenue fell by 28% year-on-year, and operating profit fell by 39% during the review period, reaching US$650 million (approximately 4.752 billion yuan)

Lenovo Group Americas revenue fell 21% year-on-year, below the group average. Despite a double-digit year-on-year decline in smart device business group revenue, inventory levels in North America have returned to pre-pandemic levels. Revenue in the Asia Pacific region (excluding China) fell 17%, and revenue in the Europe-Middle East-Africa market fell 29% year-on-year.

Lenovo Group's revenue in China fell 29% year-on-year, mainly due to PC and Due to slowdown in infrastructure business demand.

Looking ahead, Lenovo Group said its PC business will grow steadily in the second half of 2023 and is well positioned for year-on-year recovery. Due to the increasing popularity of digital life around personal computers, the overall potential market of the global personal computer market will return to pre-epidemic levels in the short term, and may remain structurally higher than pre-epidemic levels in the long term.

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