Lenovo Announces Q1 2022 Results
HONG KONG, Aug. 10, 2022 -- Lenovo Group today announced strong first quarter results for the Group, improving both revenue and profitability for the ninth consecutive quarter. First quarter net income grew 11% year-on-year to US$516 million and 35% year-on-year to $556 million on a non-HKFRS basis. Revenue grew to US$17 billion, up 5% year-on-year in constant currency.
The Group saw revenue from non-PC businesses reach 37%, demonstrating its services-led transformation strategy and persistent investments in diversifying the business have paid off and are driving future growth opportunities. These new growth engines of solutions and services, infrastructure solutions, and mobile businesses all grew revenue by double digits year-on-year – contributing to both topline growth and Lenovo’s wider commitment to double profitability in the midterm. The Group remains committed to doubling investments in Research and Development (R&D) and grew R&D spending 10% year on year and increased R&D headcount by 29% year on year.
Lenovo continues to seize the opportunities driven by accelerated digital/intelligent transformation and hybrid working, while successfully navigating a range of industry-wide challenges. Overall, the Group remains optimistic about the long-term industry growth potential and the opportunities afforded by its investments in new growth engines. It is confident that by leveraging its strategy and execution together with its core competencies of innovation, operational excellence, and global/local operating model, it has the agility and resilience to navigate any macro or micro-challenges successfully.
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About Lenovo
Lenovo (HKSE: 992) (ADR: LNVGY) is a US$70 billion revenue global technology powerhouse, ranked #171 in the Fortune Global 500, employing 75,000 people around the world, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver smarter technology for all, Lenovo has built on its success as the world’s leading PC player by expanding into new growth areas of infrastructure, mobile, solutions and services. This transformation together with Lenovo’s world-changing innovation is building a more inclusive, trustworthy, and sustainable digital society for everyone, everywhere. To find out more visit our website or read about the latest news via our StoryHub.
Source: Lenovo
