BUSINESS NEWS

Lenovo net profits globally

This was the second consecutive record-breaking quarter, driven by strong growth across all core business groups as well as the company’s transformation businesses.

Profits also set new records, with Q3 pre-tax income up 52% year-on-year to US$591 million, while net income also increased by 53% year-on-year to US$395 million. Lenovo’s sustained growth has been boosted by the company’s innovative product portfolio adapting quickly to meet the work-, learn- and play-from-home culture of a rapidly changing world, while transformation investments continue to drive new long-term growth opportunities.

Commenting on Lenovo’s impressive local performance, Thibault Dousson, Country General Manager at Lenovo South Africa added: “We are thrilled with the latest preliminary IDC figures, as they indicate that Lenovo is still indeed a force to be reckoned with in the South African market. Of course, we could not have achieved this by ourselves, and would thus like to extend our gratitude to our teams and channel partners on-ground.

In South Africa, Lenovo has maintained the number one market position for the second consecutive quarter – capturing a total market share of 20.2%. Much of this growth was enabled by our ability to empower both businesses and consumers in South Africa to make a smooth digital transformation at a time where they needed it most. We are confident that we will remain on this strong trajectory of growth, as we continue to aid our customers in adapting to digitally-run world.”

Globally, as the delivery of yet another record-breaking quarter is a reflection of our innovative product portfolio and operational excellence, which drove growth across all businesses,” said Yuanqing Yang, Lenovo Chairman and CEO.

“Clearly, 2020 was a challenging year that brought remarkable changes to our world, yet Lenovo quickly responded to the changing market driven by new work and lifestyle trends and delivered strong results. Now, as we begin to see the results of our transformation investments, we will further invest in technology and innovation, drive intelligent transformation across industries, and create sustainable growth,” says Yang.

The challenges of 2020 continue, in varying degrees, into the New Year for Lenovo. These include ongoing geopolitical uncertainties, component supply shortages resulting from strong demand, and the global COVID-19 pandemic.

Nevertheless, as a global company operating in 180 markets and with more than 30 manufacturing sites around the world, the outlook for 2021 remains positive.

The new global norm of work-, study- and play-from-home will continue to drive long-term and sustainable growth trends in device demand and cloud/infrastructure requirements.

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