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Lenovo from China dismisses worries over the decline of the worldwide PC market

China's Lenovo shrugs off concerns that global PC market is shrinking

China’s Lenovo shrugs off concerns that global PC market is shrinking

China’s Lenovo Group, the world’s largest PC maker, has reported a third consecutive quarter of declining revenues as global demand for personal computers continues to slump. However, CFO Wong Wai-Ming remains optimistic, stating that the company is number one in the PC market, and will “definitely be growing” when the market returns to more normal conditions. In its latest earnings report, Lenovo said it expects the PC market to return to growth in the second half of 2023. Lenovo is seeing growth in other businesses such as infrastructure solutions and services, which are helping to diversify the business. Lenovo’s non-PC businesses grew 7% and now consist of nearly 40% of total revenue for the full year through March. The other 60% of revenue still comes from the PC business.

FAQs

What is Lenovo?
Lenovo is a Chinese technology company, which produces a range of products including personal computers, laptops, tablets, smartphones and servers.

What is Lenovo’s market share in the PC market?
Lenovo is the world’s largest PC maker with a market share of around 25%.

Why has Lenovo reported declining revenues?
Global demand for personal computers has continued to slump.

What is Lenovo’s strategy to diversify its business?
Lenovo is investing in other businesses such as infrastructure solutions and services, which are experiencing growth. The company’s non-PC businesses grew 7% and now consist of nearly 40% of total revenue for the full year through March.

What is Lenovo’s outlook for the PC market?
Lenovo expects the PC market to return to growth in the second half of 2023.

China's Lenovo shrugs off concerns that global PC market is shrinking
China’s Lenovo shrugs off concerns that global PC market is shrinking

Lenovo of China dismisses worries about the declining global PC market.

Lenovo, the largest PC-maker in the world, reported its third consecutive quarter of declining revenues as demand for personal computers continues to slump globally. However, CFO Wong Wai-Ming expressed confidence, saying that the company is not worried and that it will continue to grow once the market returns to normal. In the meantime, the company is seeing growth in other areas, including infrastructure solutions and services. Lenovo’s recent earnings report also noted a revenue decline, but the company expects the PC market to return to growth in the second half of 2023. Despite the challenges faced, the company’s non-PC businesses, which include devices and infrastructure solutions, have been driving significant growth, with non-PC businesses growing 7% and now consisting of nearly 40% of the company’s total revenue for the full year through March. However, PC shipments have contracted by about 30% to 56.9 million units in the first quarter of 2023, according to IDC data. In the midst of these challenges, Wong remains optimistic, seeing opportunities for growth through investment in research and development to capture the next wave of opportunities.

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