Lenovo hails 'record quarter' as sales and profits surge

PC giant's group revenue stood at $17.9bn for its second quarter compared with $14.5bn during the same period last year

Lenovo has announced record quarterly results with "historic highs for both profit and revenue".

Group revenue stood at $17.9bn for its second quarter compared with $14.5bn during the same period last year, while net income rose 65 per cent to reach $512m.

Pre-tax income was $742m, up 58 per cent year-on-year with diluted earnings per share standing at 3.96 compared with 2.48 in Q2 2020/21.

Solutions and Services Group revenue made up $1.36bn of the total figure, which represented 30 per cent year-on-year growth, while sales for its Infrastructure Solutions Group stood at almost $2bn - up 34% year-on-year.

Its Intelligent Devices Group was by far the best performing, bringing in revenue of $15.3bn with 34% year-on-year profitability growth to hit $1.2bn.

"Through the strong execution of our 3S strategy (Smart Devices/IoT, Smart Infrastructure, Smart Vertical), last quarter, both our net income and revenue achieved new records, and we are on track to double our net margin in three years," said Yuanqing Yang, Lenovo chairman and CEO.

"At the same time, our R&D investment greatly increased by almost 60%. Looking ahead, we will continue to drive to our goal to double R&D spending over three years, and further drive our service-led intelligent transformation."