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Unchanged revenue is the lowest in eight quarters for Lenovo

Charlie Brooks

Aug 10, 2022 10:44

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Lenovo Group (OTC:LNVGY), the world's largest personal computer manufacturer, reported flat sales for the April-June quarter when numerous Chinese cities were hit by COVID-19 lockdowns, marking its worst performance in eight quarters.


The $16.96 billion in total revenue was consistent with the $16.87 billion average estimate of seven analysts surveyed by Refinitiv. The net income attributable to shareholders rose by 11% to $516 million.


According to a report by the research firm Counterpoint, key laptop manufacturing partners like as Quanta, Compal, and Wistron saw significant manufacturing disruptions throughout the quarter owing to lockdowns in China. Several companies, notably Intel (NASDAQ:INTC) and Samsung (KS:005930), chipmakers and electronics manufacturers, issued dire warnings about a precipitous decline in demand. The most substantial year-over-year decline since the second quarter of 2013 happened in the most recent quarter, according to Counterpoint.


Lenovo claimed in a press release that "the PC market is experiencing temporary challenges." According to Counterpoint, Lenovo's total PC shipments dropped by 12.7% to 17.4 million units, mostly owing to lackluster consumer demand. With a 24.4% market share, however, Lenovo maintained its worldwide PC market leadership.


Lenovo's server and non-PC industries have expanded, however, due to the need of enterprises to improve their digital capabilities. The non-PC portion of the company's revenue increased by 37% during the quarter.

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