Lenovo registers record high quarterly earnings

0 Comment(s)Print E-mail Xinhua, February 20, 2020
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Chinese tech giant Lenovo reported record highs of quarterly revenue and pre-tax profit in the third quarter of the 2019/2020 fiscal year as its smart devices and services businesses further gained ground.

The company raked in 99.3 billion yuan (about 14.09 billion U.S. dollars) in the fiscal quarter ending Dec. 31, marking the 10th consecutive quarterly growth, according to its financial statement released Thursday.

Pre-tax profit rose over 11 percent year on year to reach 2.75 billion yuan.

Personal computers (PCs) and smart devices were the biggest revenue contributors, with 17.9 million PCs sold worldwide.

Revenue of its smart Internet of Things business soared 278 percent year on year, the latest sign of Lenovo's progress in banking on intelligent services as new growth engines.

The majority of its Chinese industrial parks and production bases had resumed operation despite the ongoing novel coronavirus outbreak, said Yang Yuanqing, the group's chairman and CEO.

The epidemic's impact would be temporary and won't change the mainstay status of "Made in China" in the global supply chain, Yang said. 

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