{"id":1936861,"date":"2023-05-24T09:30:32","date_gmt":"2023-05-24T13:30:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-lenovo-quarterly-revenue-hit-by-pc-demand-slump\/"},"modified":"2023-05-24T09:32:56","modified_gmt":"2023-05-24T13:32:56","slug":"chinas-lenovo-quarterly-revenue-hit-by-pc-demand-slump","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-lenovo-quarterly-revenue-hit-by-pc-demand-slump\/","title":{"rendered":"Lenovo&#8217;s quarterly revenue drops due to PC demand decline in China."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchinas-lenovo-quarterly-revenue-hit-by-pc-demand-slump%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1936861&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Lenovo Revenue Falls 24% as PC Demand Slumps<\/h2>\n<blockquote>\n<p>By Josh Ye<\/p>\n<p>HONG KONG (Reuters) &#8211; Lenovo\u2019s fourth quarter revenue fell 24% and it cut 8% to 9% of its workforce, the Chinese group said on Wednesday, as demand for personal computers (PCs) continued to slump.<\/p>\n<\/blockquote>\n<p>The world\u2019s largest PC maker said revenue for the January-March period was $12.63 billion, marking the third consecutive quarterly fall. Lenovo\u2019s result compared with a $12.74 billion average of eight <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tsmc-q3-profit-jumps-80-beats-market-expectations\/\" title=\"TSMC Q3 profit jumps 80%, beats market expectations\">analyst estimates compiled<\/a> by Refinitiv.<\/p>\n<p>For the full year through March, Lenovo said its revenue shrank 14%, marking the first annual decline since 2019.<\/p>\n<p>To <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-state-owned-oil-firms-resume-imports-of-russian-crude\/\" title=\"Chinese State-Owned Oil Firms Resume Imports of Russian Crude\">improve profit margins<\/a>, Lenovo has been expanding non-PC businesses, such as in smartphones, servers and information technology (IT) services. For the full year through March, its non-PC businesses grew 7% and now make up about 40% of total revenue.<\/p>\n<h3>PC Demand Expected to Recover in Second Half of Year<\/h3>\n<p>The COVID-19 pandemic gave a huge boost to electronics sales as consumers and companies alike stocked up on or upgraded existing gear to accommodate a shift to remote work. However, revenue started contracting last year as demand began to fall. For the previous quarter, Lenovo reported a decline in revenue of 24%, its steepest in 14 years.<\/p>\n<p>Global PC shipments across the industry declined 29% in January-March to 56.9 million units, fewer than the same period in pre-pandemic 2018 and 2019, showed data from researcher IDC.<\/p>\n<p>Chief Executive Yang Yuanqing said in an interview that he expects PC demand to recover in the second half of the year. \u201cBy the end of this quarter or early next quarter, the inventory digestion will come to an end so that the activation number and the shipment number will be more consistent\u201d.<\/p>\n<h3>Lenovo Shares Fall 3.7%<\/h3>\n<p>Overall net income attributable to shareholders fell 72% to $114 million versus analysts\u2019 $212.49 million estimate. Lenovo shares fell 3.7% before the earnings results were released, compared with a 0.94% benchmark index drop.<\/p>\n<blockquote>\n<p>(Reporting by Josh Ye; Editing by Christopher Cushing, Louise Heavens and Alexander Smith)<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Lenovo&#8217;s Q4 revenue dropped by 24% and it will cut 8-9% of its workforce due to declining demand for personal computers. The world&#8217;s largest PC maker reported $12.63bn in revenue for January-March, marking the third consecutive quarter of decline.<\/p>\n","protected":false},"author":66,"featured_media":1936862,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[4501,5182,4368,3727,27483,18246,14486],"class_list":["post-1936861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-china","tag-decline","tag-demand","tag-drops","tag-lenovos","tag-quarterly","tag-revenue"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1936861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1936861"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1936861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1936862"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1936861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1936861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1936861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}