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Lenovo third-quarter profit tops expectations, posting all-time-high revenue and profit Toggle share menu
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Lenovo third-quarter profit tops expectations, posting all-time-high revenue and profit China s Lenovo Group, the world s biggest maker of personal computers, posted on Wednesday a bigger-than-expected 53per cent rise in third-quarter profit, helped by robust demand from people working from home as COVID-19 restrictions persisted.
FILE PHOTO: The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration
03 Feb 2021 12:30PM (Updated:
03 Feb 2021 01:10PM) Share this content
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SHANGHAI: China s Lenovo Group, the world s biggest maker of personal computers, posted on Wednesday a bigger-than-expected 53per cent rise in third-quarter profit, helped by robust demand from people working from home as COVID-19 restrictions persisted. Net prof
By Reuters Staff
3 Min Read
SHANGHAI (Reuters) - China’s Lenovo Group, the world’s biggest maker of personal computers, posted record profit and revenue in the third quarter on Wednesday, helped by robust demand from people working from home as COVID-19 restrictions persisted.
Net profit jumped by 53% to a record $395 million in the October-December quarter. That beat an average estimate of $293.7 million from eight analysts, according to Refinitiv data.
Revenue also reached $17.25 billion - its highest ever - in the third quarter of the 2021 financial year, up 22% from the second quarter.
“The pandemic is driving people’s new behaviour.We believe even after the pandemic the new normal will continue,” said Yang Yuanqing, chairman of Lenovo, in an interview with Reuters on Wednesday after the results announcement.
Smart IoT, Smart Infrastructure, and Smart Verticals are the 3 S’s in our “3 S Strategy”
The three main business groups are Intelligent Devices Group (IDG), Infrastructure Solutions Group (ISG, renamed from DCG) and Solutions and Services Group (SSG)
IDG will be led globally by Luca Rossi. ISG will be continue to be led by Kirk Skaugen. SSG will be led by Ken Wong.
Matt Zielinski will lead International Sales Organization and Liu Jun will lead China GEO Sales. All five leaders mentioned above will report directly to Yuanqing Yang and sit on the Lenovo Executive Committee (LEC).
The new structure goes into effect April 1.
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