Lenovo revenue drops 24% due to lower PC demand
February 17, 2023 | 10:23 |10088
China's Lenovo Group Ltd reported a 24% drop in sales revenue in the third quarter, reflecting a continued drop in global demand for smartphones and computers.
The world's largest personal computer manufacturer reported revenue of $15.3 billion in the third quarter, from October to December 2022, which is 24% less than in the same quarter of 2021.
The pandemic has led to strong growth in Lenovo electronics sales, as many people have started working remotely and updated their gadgets. However, after the pandemic, demand for equipment fell. In addition, Lenovo shares in Hong Kong fell 2.86%.
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