Lenovo records high quarterly earnings

Chinese Technology Company, Lenovo, has recorded high revenue and pre-tax profit in the third quarter of 2019 and 2020 fiscal year as its smart devices and services further gained ground.

According to company’s financial statement released on Thursday, it gathered 99.3 billion yuan (about 14.09 billion dollars) in the fiscal quarter ending December 31, marking the 10th consecutive quarterly growth.

The statement said that its pre-tax profit rose over 11 per cent year on year to reach 2.75 billion yuan.

“Personal computers (PCs) and smart devices are the biggest revenue contributors, with 17.9 million PCs sold worldwide,’’ it said.

It added that the revenue of its smart `Internet of Things’ business soared 278 per cent year on year, the latest sign of Lenovo’s progress in banking on intelligent services as new growth engines.

According to Yang Yuanqing, Lenovo Group Chairman and Chief Executive Officer, majority of its Chinese industrial parks and production bases have resumed operation in spite of the ongoing coronavirus outbreak.

Yang also said that the epidemic’s impact would be temporary and would not change the mainstay status of “Made in China” in the global supply chain.