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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.

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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.