Chinese electronics company Lenovo Group reported record revenues for its latest quarter ended in September, pulling in more than $14.5 billion. This marked a 7% growth when compared to the same period last year.
The company attributed its stellar performance to the continued strength of all of its business units despite the global economic disruptions caused by the coronavirus pandemic. For the quarter, the company reported a pre-tax income of $470 million. This was a 52% increase when compared to the same quarter last year. Net income for the quarter hit a record $310 million, a 53% year-on-year increase.
"Our record results this quarter reflect our ongoing commitment to meeting the needs of the rapidly growing work-, learn- and play-from-home economy. All of our core businesses delivered year-on-year growth, while our Software and Services revenue grew to a new record," Lenovo's chairperson and chief executive officer, Yang Yuanqing, said in a statement.
Lenovo said that it was confident in its ability to continue its long-term growth and hit its targets. The company added that both its devices and cloud infrastructure business have proven to be effective in ensuring its sustained profitability.
Yang pointed out that the company was quick to adjust to the "new normal," which had allowed it to grasp new opportunities in various markets. He did admit that the company is still set to face new challenges, particularly those facing global supply chains and looming geopolitical uncertainties.
As the world shifted to working and studying from home, Lenovo reported a massive surge in demand for its personal computer products. It said that demand for PCs has far exceeded current analysts' forecasts and could reach as much as 300 million units by the end of the year.
For its latest quarter, Lenovo said that its PC and Smart Devices unit reported revenues of more than $11.5 billion. This was an 8% increase when compared to the same period last year. Lenovo claims that its strong market presence had increased its total market share in the global PC market to about 23.6%.
