Lenovo revenue drops to 424 billion yuan

Lenovo’s results for the 2022/3 fiscal year, show a 14 percent decline in revenue to 424 billion yuan (US$60 billion) and a 21 percent drop in net profit to 12.9 billion yuan. Lenovo’s non-PC businesses showed growth, providing nearly 40 percent of revenue.

Infrastructure Solutions Group revenue grew 37 percent, and Services and Solutions 22 percent. Over 50 percent of revenue came from non-hardware businesses.

Lenovo remains the global PC market leader and continues to profit from phones.

CEO YANG Yuanqing is optimistic about growth opportunities for cloud and edge computing.