In the third quarter (Q3) of FY22-23, the multinational technology corporation Lenovo Group recorded sales of $15.3 billion and net income of $437 million, indicating strong progress for its services and solutions sector.
In India, all of Lenovo’s portfolios generated over $400 million in revenue in Q3, showing that the company is still expanding rapidly there.
According to Shailendra Katyal, Managing Director of Lenovo India, “We are committed to investing in the capabilities building to provide for our clients beyond end-point devices and realise our service-led transformation objectives with a wide range of pocket-to-cloud products.”
The end-to-end technology partner that enables intelligent transformation for our customers, according to Katyal, is something that his company is getting closer to being. Ingenious IT solutions are to thank for this.
The global revenue from non-PC businesses increased to a record high of 41%, and its diversified growth engines, Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG), increased revenue to highs never before seen, reaching record highs of $1.8 billion and $2.9 billion, respectively, up 23% and 48% year over year.
“About 40% of our group’s revenue is currently generated by a variety of non-PC business growth engines, which are also supporting strong profitability. We continued to dominate the PC market despite the challenging macro environment “President and CEO Yuanqing Yang said.
While the industry is under heavy macroeconomic pressure, Lenovo believes there are long-term prospects because of the global trends of digitalization and intelligent transformation, which are projected to continue to accelerate in the mid- to long term.
In the second part of the year, the business anticipates that year-over-year growth will pick up again, with end-user demand being higher than it was before Covid.