Service-Led Business Achieving Strong Growth; Group Investing Further US$1 Billion In AI Innovation
Lenovo News, Thursday, August 17,2023
Lenovo announced first quarter results, reporting Group revenue of US$12.9 billion and net income of US$191 million on a non-Hong Kong Financial Reporting Standards (HKFRS) basis.
Revenue from the non-PC businesses accounted for 41% of Group revenue, with the service-led business achieving strong growth and sustained profitability - further demonstrating the effectiveness of Lenovo's intelligent transformation strategy.
The Group continues to take proactive actions to keep its Expenses-to-Revenue (E/R) ratio resilient and drive sustainable profitability, whilst also investing for growth and transformation. It remains committed to doubling investment in innovation in the mid-term, including an additional US$1 billion investment over three years to accelerate artificial intelligence (AI) deployment for businesses around the world - specifically AI devices, AI infrastructure, and AI solutions.