Lenovo Q2 Report 2024

Lenovo today announced second quarter results reporting Group revenue of US$14.4 billion and net income of US$273 million on a non-Hong Kong Financial Reporting Standards (HKFRS)[1] basis. Gross profit margin improved year-on-year to 17.5%, a record high for a second quarter. The Group’s diversified growth engines continued to deliver strong performance, with revenue from the non-PC businesses accounted for 40% of Group revenue, up three points year-on-year.

The Group is seeing clear signs of recovery across the technology sector, noting the strong execution of its strategy, operational excellence, and continuous investment in innovation as key contributors to its quarter-on-quarter performance improvements. Looking ahead, Lenovo will further leverage the opportunities created by AI, where it is uniquely positioned to succeed given its hybrid AI model, pocketto-cloud portfolio, strong ecosystem and partnerships, and growing portfolio of AI technologies and capabilities. Its ongoing investment in innovation and in particular AI, will further bolster Lenovo’s ability to capture the exponential growth from AI and drive sustainable growth and profitability for the business. The Group is confident in its ability to resume year-on-year growth very soon.