China’s Lenovo Group on Thursday posted a worse-than-expected 24% fall in revenue for the April-June quarter, hit by a prolonged slump in global demand for personal computers, reports Reuters. The world’s largest PC maker has now suffered four consecutive quarters of sales declines. The result comes after it reported a 14% drop in annual profit for the year that ended in March, its first annual decline since 2019.
Revenue in the April-June quarter fell to $12.9 billion, below a $13.84 billion average of seven analyst estimates compiled by Refinitiv.
Lenovo shares in Hong Kong fell as much as 6% after the result but recouped some losses to trade down 2.9%, while the benchmark index gained 0.9%.