Lenovo posts $15.7b revenues in Q3 ’23

Lenovo and its subsidiaries reported a 3 per cent year-on-year increase in revenue to $15.7 billion during the third quarter of the financial year 2023/24, driven by resilience of core businesses and effectiveness of transformation, the company said in a statement on Thursday.

The Group profitability improved for the second consecutive quarter, with net income reaching $357 million on a non-Hong Kong Financial Reporting Standards (non-HKFRS) basis, the statement added.

The net income margin rose by 0.4 per cent quarter-to-quarter to 2.3 per cent. Revenue from non-PC businesses accounted for 42 per cent of Group revenue, up 1.3 points year-on-year, demonstrating strong performance from the Group’s diversified growth engines.

The Sales and Service Group (SSG) business has reached a major milestone by exceeding $2 billion in revenue. It also achieved its highest operating profit with an operating margin of over 20 per cent, and has seen continuous revenue growth from managed services and project and solution services for 11 consecutive quarters.