Lenovo Group Announces Strong Q4 and Full-Year Results for Fiscal Year 2023/24
Lenovo Group, a global technology powerhouse, revealed its impressive Q4 and full-year financial results for fiscal year 2023/24. Despite industry downturns, Lenovo reported an almost 10% year-on-year revenue growth to US$13.8 billion in Q4, with net income doubling to US$248 million. Non-PC revenue mix also hit a historic high of 45%. These results reflect Lenovo’s success in capturing AI opportunities and accelerating business momentum throughout the past year.
Leading in the AI Era
Lenovo’s strategic focus on AI has been paying off, with the Group’s portfolio, ecosystem, and partnerships positioning it as a leader in an era of unprecedented AI opportunities. The launch of AI PCs and intelligent solutions across various devices has set Lenovo on a path to mainstream AI adoption in the next three years, driving industry innovation and growth.
Commitment to Innovation and AI
Lenovo’s dedication to innovation is evident in its investment in AI and computing technologies, with record-high R&D expenses and headcount dedicated to driving smarter AI solutions for all. The Group’s focus on hybrid AI and customized solutions has fueled growth and profitability, with a clear vision of continued success in the AI era.
Financial Highlights
The Solutions and Services Group (SSG) saw strong growth and profitability, driven by AI solutions that cater to increasing customer demands. The Infrastructure Solutions Group (ISG) regained momentum with double-digit revenue growth, while the Intelligent Devices Group (IDG) maintained a solid market leadership and profitability across various devices.
ESG and Corporate Achievements
Lenovo’s commitment to sustainability and responsibility is exemplified by its leadership in climate change efforts, supplier engagement, and ethical AI practices. The Group’s recognition for its environmental initiatives and commitment to responsible AI underscore its commitment to building a more equitable and smarter future for all.
Conclusion
Lenovo’s strong financial performance, strategic focus on AI, and commitment to innovation and sustainability position it as a leader in the technology industry. The Group’s ability to navigate industry challenges, capture AI opportunities, and drive growth across its business segments showcases its resilience and vision for a smarter, more inclusive future. With a strong foundation in AI capabilities and a commitment to responsible practices, Lenovo is well-poised to continue its success in the evolving technology landscape.
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