Lenovo shares jump nearly 20% on record earnings as AI revenue nearly doubles
Lenovo's shares rose over 15% following a report of significant revenue growth driven by its artificial intelligence sector. The company achieved a record revenue of $21.6 billion for the March quarter, marking a 27% increase year-on-year. AI-related revenue surged 84% in the fourth quarter, contributing to over a third of total group revenue.
- ▪Lenovo's net income increased nearly sixfold to $521 million.
- ▪The company aims to become a $100 billion entity within two years, focusing on AI for growth.
- ▪Lenovo maintained its status as the world's top PC vendor with a 24.4% global market share.
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Shares of Lenovo surged over 15% on Friday, after the personal computer and electronics giant posted strong revenue growth powered by its growing artificial intelligence business. Group revenue for the March quarter reached $21.6 billion, up 27% year-on-year — the highest growth rate in five years for the Hong Kong–based Chinese multinational company. Net income grew by nearly a factor of six to reach $521 million. Full-year results reached a record. The standout performer was AI-related revenue, which surged 84% in the fourth quarter to account for more than a third of total group revenue. The category includes devices such as PCs and smartphones with neural processing units, servers with graphics processing units, and services.
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