Chinese PC manufacturer Lenovo Group has reported its financial results for the June quarter, falling short of analysts' expectations. The company recorded a revenue of $12.9 billion and a net income of $191 million. Although Lenovo maintained its leading position in the global PC market with a 23.1% market share, its shipments experienced an 18.4% decline according to IDC.
Lenovo's non-PC businesses, accounting for 41% of its revenue, demonstrated robust growth and sustained profitability. Despite challenges in the market due to macroeconomic conditions, Lenovo remains dedicated to its innovation strategy. The company has announced plans to invest an additional $1 billion over the next three years to expedite the deployment of artificial intelligence (AI) for global businesses.
ALSO READ: Xbox unveils innovative enforcement strike system for player accountability
Chairman and CEO Yuanqing Yang acknowledged the hurdles faced by the hardware sector during the past quarter but emphasized their commitment to executing their strategy. Yang expressed confidence in the company's long-term prospects, aiming for sustainable profitability and growth.
Despite recent challenges, Lenovo perceives signs of market stabilization and anticipates a recovery and growth in the client device market during the latter half of the fiscal year. Lenovo's approach to AI encompasses various facets, leveraging its computing power across client devices, edge computing, cloud infrastructure, and networks.
ALSO READ: Samsung's mobile business chief reveals plans for foldable tablet launch
The company highlights significant progress in large language models and AI-generated content as pivotal advancements in AI development. These breakthroughs act as catalysts, expediting the adoption of AI across diverse applications. Lenovo's proactive engagement with AI positions it to leverage the technology's transformative potential in driving future growth and innovation.
Inputs from IANS
