In the fiscal fourth quarter alone, profit rose 58 percent to $ 412 million. Sales rose 6.8 percent to $ 16.69 billion in the three months to the end of March. Analysts polled by Refinitiv expected revenue to rise to $ 17.36 billion. Sales grew the slowest in seven quarters as people bought fewer computers after months of high demand supported by the pandemic.
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According to research company Counterpoint, Lenovo is the largest retailer of personal computers in the world. From January to March, the company’s market share was 23.1 percent.
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The company reported record sales and profits in the third quarter due to continued high demand for personal computers. However, sales began to weaken as China, the company’s largest market, was hit by the coronavirus variant of omicron. This has forced many cities to restrict movement and factory closures.
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Analysts expect sharp profit and sales growth, supported by pandemic purchases of laptops and other personal devices, to slow significantly this year. Counterpoint said in April that global PC deliveries fell 4.3 percent in the first three months of this year as the war in Ukraine and coronavirus restrictions in China continued to hit already fragile supply chains and contribute to parts shortages, Reuters reported.
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