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Lenovo reports record quarterly earnings ahead of Shanghai listing

Written by Song Jingli Published on     1 min read

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The company posted USD 395 million in net income, up 53% year-on-year.

Beijing-based personal computer vendor Lenovo (HKSE: 0992) said Wednesday that it made USD 17.2 billion in revenue in the third fiscal quarter between October and December, a 22% year-on-year (YoY) increase, setting a new record in its corporate history.

The company’s PC and smart devices contributed USD 14 billion, accounting for more than 80% of all revenues, allowing Lenovo to remain the No. 1 PC vendor worldwide with a 25.3% market share, while the data centers generated USD 1.63 billion, equal to nearly 10% of the overall revenue. The mobile business delivered double-digit growth year-on-year, and recovered from the COVID-19 impact, achieving its highest profitability since the Motorola acquisition, it said. Net income reached USD 395 million, representing a 53% YoY growth.

“Clearly, 2020 was a challenging year that brought remarkable changes to our world, yet Lenovo quickly responded to the changing market driven by new work and lifestyle trends and delivered strong results,” said chairman and CEO Yuanqing Yang.

The company provided an optimistic outlook for 2021 as working and studying from home has become the new norm and will continue to drive long-term growth trends in device demand. Aside from geopolitical uncertainties and the ongoing pandemic, Lenovo puts component supply shortages, that result from strong demand, as the main challenges.

The firm disclosed in January that it plans to issue Chinese depositary receipts (CDRs), representing newly issued ordinary shares, and to list them on the Star Market of the Shanghai Stock Exchange.

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