HONG KONG: China’s Lenovo Group Ltd on Thursday posted a 16% fall in revenue for the three months through September, meeting market expectations, as supply for personal computers (PCs) continued to outstrip demand.
Lenovo’s quarterly revenue fell 16% to $14.41 billion from the same period last year, marking the fifth consecutive quarter that the world’s largest PC maker has suffered a sales decline as it continues to digest excess inventory accumulated during the COVID-19 pandemic.
The result compared with the $14.45 billion average of seven analyst estimates compiled by LSEG.
China stocks fall as geopolitical fears offset stronger economic data
In May, Lenovo reported 14% revenue decline for the year through March, its first annual fall since 2019, following a pandemic-induced boom for electronics manufacturers.
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