MORRISVILLE – Lenovo, the world’s top PC seller, is on a roll financially.
Bolstered by a growing product line and a growing emphasis on higher margin PCs, the tech congolmerate reported financial results Thursday that soared past analysts expectations.
“Last quarter, despite the geopolitical uncertainties and industry-wide supply shortages, we delivered a record-setting performance with geographical balance, operational excellence, and solid strategy execution. Both group revenue and pre-tax income reached all-time highs,” said Yang Yuanqing, Lenovo’s Chairman and CEO. “These core competencies not only enable us to seize the opportunities of technology transformation and drive sustainable growth, but also help us address the challenges we face today.”
Lenovo reported a profit of $258 million, well above expectations of $217 million and $223 million from two sets of analysts.
Profits were up substantially year over year from $233 million.
Revenues also were strong.
For the most recent quarter, Lenovo reported $14.1 billion in revenues, setting a quartertly record and exceeding the projections of $13.6 billion from analysts.
Revenue was also up from $14.04 billion year over year.