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On August 15, Lenovo announced its first quarter results for the 2024/25 fiscal year ending June 30, 2024: revenue of RMB 111.9 billion, a year-on-year increase of 20%; net profit in accordance with non-Hong Kong financial reporting standards was nearly RMB 2.3 billion, a year-on-year increase of 65%; revenue from businesses other than PCs accounted for nearly 47%.

This is Lenovo's third consecutive quarter of revenue growth after the PC industry experienced a downward cycle.

"This is something we haven't seen in the past several quarters. Although we started to resume growth about two quarters ago, 20% growth is still exciting."Lenovo GroupChairman and CEO Yang Yuanqing said that the PC business is Lenovo's core business, with revenue growing by about 8% year-on-year. In addition, Lenovo's mobile phone business revenue grew by nearly 30%, and ISG (infrastructure business including servers) grew by 65%.

According to IDG data, in the second quarter of 2024, global PC shipments reached 64.9 million units, a year-on-year increase of 3%. Among them, Lenovo PC shipments reached 14.7 million units, with a market share of 22.7%, a year-on-year increase of 3.7%, higher than the industry average growth rate. The latest data from Canalys shows that from April to June, global AI PC shipments reached 8.8 million units, accounting for 14% of total PC shipments.