Computer giant Lenovo’s profit beats expectations, helped by remote working trend

Lenovo reported a 31 per cent jump in net profit for its first quarter ended June to US$213 million, up from US$162 million in the same period last year. That beat the average US$107.48 million estimate of five analysts, according to Refinitiv data.

Revenue increased 7 per cent to US$13.3 billion from US$12.5 billion a year ago.

“Our outstanding performance last quarter proves that Lenovo has quickly regained momentum from the impact of the pandemic, and is capturing the new opportunities emerging from remote working, education and accelerated digitalisation,” said Yang Yuanqing, Lenovo’s chairman and chief executive, in a statement on Thursday.

Lenovo, which operates in more than 180 markets worldwide, recorded a 25 per cent share of the global personal computer market in the June quarter, according to data from research firm Gartner. That edged out US rival HP, which had a 24.9 per cent market share in the same period.

“Work-from-home demand has been a clear catalyst for thin-and-light notebook PC sales, while consumers are buying more gaming PCs to meet their play-from-home requirements,” Lenovo said in its quarterly financial results announcement on Thursday.