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Lenovo results show non-PC business accounts for 42% of revenue

Infrastructure solutions group pulls in record $1bn in revenue
Image: Shutterstock via Dennis Publishing

22 February 2024

Third quarter results for Lenovo Group released today showed revenue increasing 3% year-on-year to $15.7 billion, and Group profitability improving quarter-to-quarter for the second time in a row. Net income was $357 million with net income margin up 0.4% quarter-to-quarter to 2.3%.

The Group’s diversified growth engines continued to deliver strong performance, with revenue from non-PC businesses accounting for 42% of Group revenue, up 1.3 points year-on-year.

The consistent quarter-on-quarter improvements over past quarters have been driven by the resilience of the Group’s core businesses and the wider effectiveness of its ongoing transformation. The support services group business passed the $2 billion mark, a record high operating profit with operating margin of more than 20%, and grew revenue from managed services and project and solution services year-on-year for 11 straight quarters.




The infrastructure solutions group delivered quarter-on-quarter revenue growth and reached a record high $1 billion revenue for its storage, software, and services businesses. Overall, the intelligent devices group resumed revenue growth and achieved year-on-year shipment growth for PCs.

Chairman and CEO Yuanqing Yang said: “Last quarter, we delivered on our promise and resumed year-on-year revenue growth, driven by both the resilience of our core businesses and the effectiveness of the service-led transformation. Looking ahead, our commitment to AI innovation, our pocket-to-cloud computing capabilities, full stack portfolio of smart devices, smart infrastructure, smart solutions and services, combined with our partnerships with other key leaders in AI, will ensure that we are well-positioned to capture the tremendous opportunities in AI.”

TechCentral Reporters

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