FILE PHOTO: An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee
HONG KONG (Reuters) – Lenovo Group, the world’s biggest maker of personal computers, reported a deep slump in fourth-quarter profit due to disruptions caused by the coronavirus crisis, although the result was far better than expectations.
Lenovo Chairman Yang Yuanqing told Reuters production was back on track and he expects to see year-on-year revenue growth this quarter for its PC and smart devices business and its data centre business as more people work from home permanently.
He told a separate briefing the company estimates that in two to three years the total addressable market for PCs industry-wide may have increased by 25% to 30%.
Net profit tumbled 64% in January-March to $43 million but was ahead of a Refinitiv consensus estimate of $7.5 million. Revenue slid 9.7% to $10.6 billion.
The stronger-than-expected results lifted Lenovo shares, which…
Source Reuters Tech News
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