MORRISVILLE – Lenovo is rising among the ranks of the world’s largest companies, climbing to No. 212 on the new Fortune Global 500 list.
That’s up 28 spots from 2018 and a steady rise from 2011 when the tech giant cracked the list for the first time at No. 450.
And the 500 are the elite companies, notes Fortune.
“The world’s 500 largest companies generated $32.7 trillion in revenues and $2.15 trillion in profits in 2018,” the business news site says.
“Together, this year’s Fortune Global 500 companies employ 69.3 million people worldwide and are represented by 34 countries.”
Lenovo widens lead as No. 1 global PC seller; shipments jump 16%
Three North Carolina companies made the list: Bank of America at No. 58, Lowe’s at No. 133, Nucor at No. 496.
Apple and Amazon are the top tech companies at No. 11 and No. 13 respectively. Walmart is No. 1.
‘The next mountain to climb’
In a statement, Lenovo chair and CEO Yang Yuanqing praised the company’s progress. It not only is the global leader in PC sales but also is among the top sellers of servers, produces the most supercomputers, and is building momentum with its smartphone business.
Technology advances include one of the world’s first 5G wireless smartphones from Motorola and a forthcoming PC with a foldable screen.
“I believe Lenovo grew on the Fortune Global 500 list because we are always seeking out the next challenge—we are always searching for the next mountain to climb,” Yang said.
“Our goal is to become the leader and enabler of Intelligent Transformation by driving growth through Smart IoT and Smart Infrastructure.”
Lenovo rose based on a 12 percent increase in revenues to more than $51 million – a record for the company, which operates dual headquarters in Morrisville and Beijing.
It also ranks ahead of China-based tech conglomerate Tencent, which came in at No. 237 at $47 million.
Lenovo point out in its press release that its revenues topped those of Cisco, No. 225 at $49 million.
“Lenovo’s focus on Intelligent Transformation drove a significant increase in profitability up four and a half times (459%) year-on-year at US$856 million and net income at US$597 million,” the company added.
