Lenovo Half-Year Report 2022

Lenovo announced record quarterly resultsfor the Group, with historic highs for both profit and revenue. The company’s operational excellence, innovation, and strong execution underpin the improvements across all key business groups, despite wider industry supply challenges. These, together with the opportunities created by accelerated digitalization, intelligent transformation, and IT upgrades in devices, infrastructure, and applications around the world continue to fuel the Group’s long-term and sustainable profitability increases.

Lenovo’s performance delivered significant year-on-year improvements, with net income growing 65% year-on-year to US$512 million and net income margin improving by 0.7 points, on track towards the Group’s goal of doubling in three years. Pre-tax income was US$742 million, up 58% year-on-year, and Group revenue continued its strong growth trajectory hitting US$17.9 billion, up 23% year-on-year. Operating cashflow doubled year-on-year to US$1.6 billion, and at the same time the Group’s R&D expenses for the quarter were up almost 60% owing to increased investments in innovation.