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Lenovo revenues tumbled by 24%

 The world’s biggest computer maker has reported a steep decline in revenue for the last quarter after

Laptop keyboard

global demand for personal computers and electronics fell sharply.

Lenovo of China said its total revenue had tumbled by 24 per cent to $15.3 billion in the three months to December compared with the same period in 2021. Net income attributable to equity holders plunged 32% to $437 million.

The company specialises in consumer electronics, personal computers and software. The pandemic boosted sales significantly for Lenovo and its peers as many people worked remotely and decided to replace or upgrade their equipment. However, sales of new computers then collapsed.

Yang Yuanqing, 58, Lenovo’s chief executive, said the entire PC and mobile market had experienced a «severe downturn» in the last quarter and planned to improve its efficiency.

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  1. Peter18 February 2023 at 16:36

    Of course this was bound to happen considering the huge boom the industry had just a few years ago. 24% is bad but if we look at how much Lenovo has grown in the last 3 years, then it doesn't seem this bad.

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    1. Max18 February 2023 at 17:36

      I don't like Lenovo. They make cheap laptops that some people buy because of their price, but when it comes to quality, Lenovo doesn't even come close to companies like Asus or Apple.

      Delete

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