Lenovo Delivers Another Quarter of Profit Growth

By Sherry Qin

Lenovo reported a second straight quarter of profit gains, boosted by its main personal-computer business, underscoring that the world's largest PC maker has emerged from a yearslong global industry downturn.

Net profit for the three months ended June rose 38% from a year earlier to $243 million, Lenovo said Thursday, beating analysts' expectations.

Revenue climbed 20% to $15.45 billion, driven by accelerated growth across the computing, infrastructure and services segments.

Lenovo launched its AI PCs equipped with Microsoft's Copilot tool and Qualcomm's Snapdragon X Elite processor in June. The company, which has called the rise of the artificial-intelligence PC "an inflection point" for the industry, expects its adoption to lead the global market to a long-term recovery, surpassing prepandemic levels, and help its intelligent-devices segment deliver better-than-industry growth, strong selling prices and sustainable profitability.

Lenovo "has ramped up investments in transformation initiatives to take advantage of the burgeoning AI computing sector," it said.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

August 15, 2024 00:39 ET (04:39 GMT)

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