BEIJING —China’s Lenovo Group reported a 20-percent rise in its quarterly revenue on Thursday, as the global personal computer market showed signs of recovery after a two-year slump.
For the three months ended in June, the company’s revenue rose to $15.4 billion, above the average estimate of $14.1 billion expected by analysts polled by LSEG.
This marks a third consecutive quarter of revenue growth for Lenovo after it suffered five straight quarters of revenue declines amid the post-Covid slowdown.
The global personal computer market has shown signs of recovery, with IDC data indicating a return to growth during the first quarter of this year after nearly two years of declines.
For the three months ended June, global PC shipments rose by 3 percent to 64.9 million units. Lenovo maintained its position as the market leader, holding a 23-percent market share, according to IDC.
Lenovo’s shares rose 2.37 percent in Thursday afternoon trading.
The global PC market recovery has been partly fueled by the emerging trend of “AI PCs” ― personal computers equipped with specialized chips optimized to run artificial intelligence (AI) software.
Lenovo has been among the first in the industry to unveil AI PCs, including two models in May. Company chief executive officer Yuanqing Yang has said that by the end of the year, 10 percent of its shipped PCs will be AI PCs. By 2026, this number could jump to 50 percent to 60 percent.
In recent years, Lenovo has diversified beyond its core PC business by expanding into business software and other services.
The company’s infrastructure solutions group, which includes server and other software businesses, grew by 65 percent to $3 billion in revenue for the quarter.
Lenovo’s net income for the quarter was $243 million, above the average estimate of $222.94 million expected by analysts polled by LSEG.
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