Lenovo Announces Record Quarterly and Annual Results

Lenovo announced today that it earned a net income of $260 million on revenues of $15.6 billion for the quarter ending March 31. It also earned a net income of $1.2 billion on revenues of $60.1 billion for its full fiscal year.

“Last quarter, we delivered our fastest-growing quarter in almost a decade and closed the fiscal year with the new milestone of passing $60 billion in revenue and significant growth in profit to a new record,” Lenovo chairman and CEO Yuanqing Yang announced. “These historic highs were achieved by leveraging our core competencies of a clear strategy, innovative products, operational excellence, and global-local model to meet the new needs in the New Normal.”

Revenue in the fourth quarter grew by 48 percent year-over-year, thanks largely to pandemic-era PC buying. Indeed, the fourth quarter was its best-ever for PCs and smart devices, which registered $12.4 billion in revenues, up 46 percent YOY. Lenovo says that sales of its PCs outpaced those of the market generally, which makes sense since the firm retained its crown as the world’s largest maker of PCs.

Other business segments also delivered solid results. Sales of Lenovo’s tablets surged 157 percent YOY, about three times as fast as the overall market. And its mobile business growth experienced what Lenovo called “hyper-growth,” with 86 percent YOY growth to $1.5 billion. Datacenter revenues were also strong, with 32 percent YOY growth.