Lenovo posts 20% revenue jump to $18.8 bn in Q3, net profit doubles to $693 mn
According to Lenovo's official statement, the quarter’s results were driven by the group’s focused hybrid-AI strategy, the turnaround of the Infrastructure Solutions Group (ISG)
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China's Lenovo Group has announced its third-quarter earnings on Thursday. The technology company has posted a 20 percent rise in its revenue to $18.8 billion for the quarter ended on 31 December 2024.
The company's net profit stood at $693 million in Q3. Whereas the net income of the company more than doubled year-on-year to $693 million in the same period.
According to Lenovo's official statement, the quarter’s results were driven by the group’s focused hybrid-AI strategy, the turnaround of the Infrastructure Solutions Group (ISG), and double-digit growth for both the Intelligent Devices Group and Solutions and Services Group.
The PC business strengthened its market leadership position to a 24.3 percent market share. Smartphones registered double-digit revenue growth year-on-year and hypergrowth in both the Asia Pacific and EMEA markets.
Lenovo's R&D expenses are up nearly 14 percent year-on-year to $621 million.
On Artificial Intelligence boom, the company said its innovation investment is focused on this new-age tech, specifically building a foundational AI technology platform, driving breakthroughs in agentic AI, as well as continuously developing technologies and their applications into products.
“Lenovo’s revenue and profit both achieved significant growth last quarter, with strong performance across all core businesses. Notably, the ISG business returned to profitability and the smartphone business experienced rapid growth. AI technology, with higher efficiency and lower costs, is accelerating the maturation of personal AI, particularly on-device AI and edge AI. It has also accelerated enterprise adoption of AI," Chairman and CEO Yuanqing Yang said.
