Lenovo Group, the company behind Lenovo laptops, reported its quarterly earnings yesterday delivering record results. The company had a record US$14.5 billion in revenue up 7% year-on-year after delivering strong results in different core business categories.
“All of our core businesses delivered year-on-year growth, while our Software and Services revenue grew to a new record,” said Yuanqing Yang, Lenovo Chairman and CEO.
Income before tax stood at $470 million, 52% more compared to the same quarter a year earlier. Net income also increased by an impressive 53% year-on-year to a record $310 million.
Profit growth from the company was majorly attributed to the strong demand in the PC markets excited by the shift to remote work and learning. Lenovo’s Intelligent Devices Group (IDG), which includes PCs and Smart Devices grew revenue by 8% year-on-year to $11.5 billion. Lenovo is currently the leader in the global PC market with a market share of 23.6%, the company says.
A recent report from research firm, Canalys, showed the PC market grew by 13 percent year-over-year in Q3 to break a 10-year record. The firm’s report says Lenovo shipped 19,270 PCs in the quarter.
“Our record results this quarter reflect our ongoing commitment to meeting the needs of the rapidly growing work-, learn-and play-from-home economy,” Yuanqing Yang said.
The company anticipates to even grow more in the future. They expect the PC market, one of the company’s key profit drivers, to surpass 300 million, nearly 25 million more than 2019.