Lenovo enjoyed growth in all sectors of its business, as both revenue and income leaps past market expectations.
The tech titan saw income jump a remarkable 72 per cent year on year, for the Hong Kong fiscal year 2022 (which ended March 31), moving from A$1.55 billion to A$2.82 billion.
Annual revenue grew 18 percent, from A$84.5 billion to A$100 billion.
During the first three months of 2022, net income jumped 58 per cent to A$580 million, higher than analysts’ average estimate of $499 million.
According to IDC, Lenovo expanded its lead in the PC market, with 22.7 per cent market share, while longtime rival HP saw its market share drop below 20 per cent in a year filled with logistics issues.
The company released a 3.8 US cents dividend to shareholders.
“All our main businesses are now profitable for the full year, and our new growth engines – solutions and services group, infrastructure solutions group and mobile – are showing strong momentum,” said Lenovo CEO Yuanqing Yang (above).
The company’s solutions and services arm saw revenue leap by 30 per cent to A$7.6 billion, while its data centre division, made A$9.86 billion for the year – the first time it has been profitable.
“We will capture this window of opportunity, double our research and development investment [of A$2.82 in FY22], and drive service-led transformation,” Yuanqing said of the company’s plans.
