Lenovo’s Third-quarter Profit Leaps 62%

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Lenovo’s third-quarter profit rose 62% to an all-time high of $640 million, and the company’s revenue for the quarter which ended December 31 rose 17% to $20.1 billion, better than analysts’ estimates of $18.4 billion.

In explaining the factors necessary for growth, Lenovo identified global demand for commercial PCs in the third quarter excluding Chromebooks.

According to the company, customers are buying more high-quality, portable and high-quality PCs as more businesses embrace remote working.

“The hybrid work situation will continue even after the pandemic and more and more companies have announced they will have a hybrid working model. That will help drive PC demand at least to keep current levels of around 340-350 million (a year),” CEO and Chairman Yang Yuanqing announced.

Lenovo is currently the world’s largest PC manufacturer. In the fourth quarter of 2021, the company was able to secure a market share of 24.6% of global PC sales. HP and Dell ranked second and third on the list, according to Gartner.

For more information, read the original story in Reuters.

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