Lenovo posts another revenue decline as PC demand remains slow

Credit: REUTERS/Kim Kyung Hoon

HONG KONG, Nov 16 (Reuters) - China's Lenovo Group Ltd 0992.HK on Thursday posted a 16% fall in revenue for the three months through September, meeting market expectations, as supply for personal computers (PCs) continued to outstrip demand.

Lenovo's quarterly revenue fell 16% to $14.41 billion from the same period last year, marking the fifth consecutive quarter that the world's largest PC maker has suffered a sales decline as it continues to digest excess inventory accumulated during the COVID-19 pandemic.

The result compared with the $14.45 billion average of seven analyst estimates compiled by LSEG.

In May, Lenovo reported 14% revenue decline for the year through March, its first annual fall since 2019, following a pandemic-induced boom for electronics manufacturers.

(Reporting by Josh Ye; Editing by Christopher Cushing)

((Josh.Ye@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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