Lenovo records historic quarterly growth

administrator February 28, 2022

0 1 minute read

Lenovo Chairman and Chief Executive Officer, Yuanqing Yang

by MTHULISI SIBANDA
JOHANNESBURG – LENOVO has announced record quarterly results, with historic highs for profit and revenue as well as the Group’s first US$20 billion quarter.

Net income grew at a rate of over 50 percent for the sixth consecutive quarter, with third quarter (Q3) 2021 growing 62 percent year-on-year to a record $640 million.

Net income margin improved by nearly one point, on track towards the Group’s goal of doubling in three years.

Pre-tax income was a record $855 million, up 45 percent year-on-year.

Group revenue continued its strong growth pattern, hitting a record $20,1 billion, up 17 percent year-on-year.

Yuanqing Yang, Chairman and Chief Executive Officer, said Lenovo continued to embrace the opportunities driven by accelerated digital and intelligent transformation.

“Our New IT architecture prepared us well with ‘client-edge-cloud-network-intelligence’ capabilities,” he stated.

Yang said the company remained on track to double its net margin and research and development (R&D) investment in three years from 2020/21 levels.

“Once again, we have shown that Lenovo’s innovation, transformation strategy, and strong execution can consistently deliver sustainable profitability increases for the future,” the executive stated.

– CAJ News