Lenovo sales tumble on PC demand slump
STORY: Sales tumbled again at Lenovo over the latest quarter.
The world’s biggest PC maker saw revenue fall 24% to just over $12.6 billion.
That as demand for computers slumped.
The figures marked the third straight quarter of declines.
Revenues for the full year fell too, marking the first such fall since 2019.
Lenovo had benefited from a huge surge in sales during the global health crisis as people and firms geared up for home working.
But revenue started contracting last year as that effect wore off.
Global PC shipments across the industry were down 29% over the January-March quarter.
They dropped to just under 57 million units - less than in pre-health crisis years.
To improve profit margins, Lenovo is now expanding into other product lines.
That includes smartphones, servers and IT services.
Its non-PC business grew over the year, and now accounts for about 40% of its income.