Lenovo Group's second-quarter revenue reached US$14.41 billion, and first-half revenue fell 20% year-on-year to US$27.31 billion

Lenovo Group released its latest financial announcement on the Hong Kong Stock Exchange. According to the announcement, as of November 16, revenue in the first half of the fiscal year dropped 20% year-on-year to US$27.31 billion (approximately 197.998 billion yuan). At the same time, profits attributable to equity holders also decreased by 60% year-on-year to US$426 million. Lenovo Group’s revenue in the second quarter was US$14.41 billion (approximately 104.472 billion yuan), compared with It was down 16% from the same period last year, with estimated revenue of $14.43 billion. In terms of net profit, in the second quarter it was US$249.2 million (approximately 1.807 billion yuan), and the estimated net profit was US$224.9 million

For comparison, Lenovo Group's revenue in the first quarter of fiscal year 23/24 was 90.3 billion yuan and net profit was 1.33 billion yuan. The group's service-oriented transformation business continued to grow, and the proportion of non-PC businesses in the group's overall revenue further increased to 41.4%.

Lenovo Group’s revenue in the second fiscal quarter fell by 16%. This result was in line with market expectations. The main reason is that the demand for PCs is not obvious. The results were in line with the $14.45 billion average of seven analyst estimates compiled by LSEG. In May, Lenovo reported a 14% revenue decline in the fiscal first quarter ended in March, its first drop since then. It was the first annual decline since 2019, after the pandemic triggered a boom for electronics manufacturers.

According to data from Canalys research company, global PC shipments fell by 7% in the second quarter of 2023. Quarterly shipments fell by more than 30% in the second half of last year, but the decline has slowed in recent quarters

In order to increase profit margins, Lenovo has been expanding non-PC businesses, including smartphones, servers and information technology (IT) services. In the first half of the fiscal year, Lenovo's digital solutions services business revenue increased 14% to $3.6 billion. Net profit attributable to shareholders fell 60% in the second quarter to $249 million, compared with analysts' estimates of $235 million

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