China’s Lenovo extends revenue growth streak

STORY: Revenue for Lenovo powered up in the fourth-quarter.

The Chinese tech group said Thursday (May 23) it rose 9% to $13.8 billion, beating analyst forecasts.

Lenovo's net profit for the January-March quarter rose 118% to $248 million, also ahead of market expectations.

The world's largest maker of PCs exited a demand slump following the global health crisis.

It also marks a second consecutive quarter of revenue growth for Lenovo.

Before that, the company had seen five straight quarters of revenue decline in a post-COVID slowdown.

Last month, a leading research firm said the global PC market has finally returned to growth during the first quarter this year, after nearly two years of decline.

It also said Lenovo was No.1 with almost a quarter market share.

The company is actively exploring opportunities in AI, and expanding its non-PC business, such as smartphones, servers and IT services.

Lenovo’s shares soared 12% on Wednesday (May 22) after it unveiled two new AI PCs.

It is a new type of computer configured to effectively run AI applications.