Lenovo sales surpass forecast, to soar higher on increasing WFH demand
Lenovo sales dropped sharply in the fourth quarter as disruptions brought by the coronavirus pandemic continue to ravage the economy. However, its latest profit reading managed to surpass expectations.
The company’s net profit declined 64% to $43 million in the first quarter. The figure came out weak but still ahead of the $7.5 million sales predicted by Refinitiv. More so, its revenue fell 9.7% to $10.6 billion.
The results supported the company’s shares, recording a 5% increase on Wednesday. First-quarter records showed that its market shares advanced 24.4%, placing above HP’s 21.5% and Dell’s 19.7% record.
Lenovo Chairman Yang Yuanqing expects year-on-year revenue growth this quarter as more people working from home purchased equipment. He also said that Lenovo, the leading producer of personal computers, is back on track.