Lenovo profit drops 64% in fourth quarter

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Lenovo Group Ltd. said its fiscal fourth quarter net profit fell 64% as computer sales suffered from the coronavirus pandemic, as business expenses and some fair value losses weighed on profitability.
Net profit was $ 43 million for the January to March quarter, compared to $ 118 million for the same period a year earlier, the world’s largest personal computer maker said on Wednesday. A FactSet survey had estimated a net profit of $ 5.1 million for the period.

Revenue fell 10% to $ 10.58 billion, mostly driven by personal computing.
Looking ahead, the company said its global footprint could help mitigate the macro risks posed by the public health crisis and maintain consistent performance.

He also expects that the current wave of work and study from home practices will lead to a long-term increase in demand for computers and data centers.
“During this time, the Group will exercise strict control over expenses to optimize its liquidity and financial health,” said the company.
Write to Yifan Wang at [email protected]

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