Lenovo Reports Strong Q1 Profit and Revenue Growth

Lenovo Group reported a 20% year-on-year revenue increase to $15.4 billion for the quarter ending in June, surpassing analyst expectations. This marks the company's third consecutive quarter of revenue growth, driven by strong performance in its Intelligent Devices Group, which includes PCs, smartphones, and tablets. Net income grew significantly, with a 65% rise to $315 million on a non-GAAP basis and a 38% increase to $243 million on a standard basis. Lenovo's focus on AI technology and AI-powered PCs has contributed to its success, with further product launches anticipated later this year. The company also saw a record revenue in its Infrastructure Solutions Group, primarily due to growth in the Cloud Service Provider business. Despite geopolitical risks, Lenovo remains the global leader in PC shipments with a 23% market share.