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Lenovo Group has announced strong Q1 22-23 financial results for the Group, improving both revenue and profitability for the ninth consecutive quarter. The financial results show that the first quarter net income grew 11% year-on-year to US$516 million and 35% year-on-year to $556 million on a non-HKFRS <1> basis. Revenue grew to US$17 billion, up 5% year-on-year in constant currency.
Lenovo recorded a strong first quarter across its business units and segments in India in its financial results. The total revenue for Q1FY22-23 across Lenovo businesses in India was USD589 million, representing 36% year-on-year growth. The company remains focused on providing smarter products, solutions and services required for a growing digitally-connected world.
“Lenovo is succeeding in our vision to bring Smarter technology for All across a broad range of solutions. Our first quarter revenue grew by 36% year on year, to USD 589 million, backed by increasing customer demand for services, along with large-scale new wins by our Infrastructure Solutions Group and record Q1 sales of our Motorola devices. We also were able to support our channel partners this quarter through a range of industry-first digital initiatives created to improve customer experience,” said Shailendra Katyal, Managing Director, Lenovo India.
“We successfully grew our business and improved profitability for the ninth consecutive quarter, while our revenue mix from non-PC businesses reached 37%. These are the results of our strategic foresight and strong execution, together with our operational resilience.” said Yuanqing Yang, Lenovo Chairman and CEO. “Although external challenges may persist in the short-term, the digitisation trend continues to accelerate, and the hybrid work model is here to stay. We have confidence in capturing these opportunities and will continue to invest, innovate, and deliver sustainable growth and profitability improvements.”
Lenovo is also developing ways to recycle datacentre heat, treating it not as a waste product but as a resource to heat buildings and swimming pools and possibly to be piped under roads and walkways to melt snow and ice. Lenovo infrastructure solutions are leading the evolution from the energy-saving concept to performance enhancing and the reality of energy reuse.