Source: Daniel Rubino / Windows Central
What you need to know
- Lenovo hit records for profit and revenue in the third quarter of its 2021-22 fiscal year.
- It was the company's first $20 billion quarter in terms of revenue.
- Lenovo's net income grew at a rate of over 50% for the sixth quarter in a row.
Lenovo earned record profit and revenue in the Q3 of its 2021-22 fiscal year. The company saw a net income growth rate of over 50% for the sixth straight quarter. Lenovo made a net income of $640,000 in the quarter, which represents 62% growth year-over-year. It was also the first $20 billion quarter for the company for revenue.
"With another record quarter, we delivered the 6th quarter of more than 50% net income year-on-year growth, and the first US$20 billion revenue quarter in our history," said Lenovo Chairman and CEO Yuanqing Yang. "We remain on track to double both our net margin and R&D investment in three years from FY20/21 levels."
The following chart from Lenovo is measured in millions of U.S. dollars except when reporting per share data.
| Category | Q3 21/22 | Q3 20/21 | Y/Y Change |
|---|---|---|---|
| Revenue | 20,127 | 17,245 | 17% |
| Gross profit | 3,355 | 2,786 | 20% |
| Gross profit margin | 16.7% | 16.2% | 0.5 pts |
| Operating expenses | (2,423) | (2,085) | 16% |
| R&D expenses (included in operating expenses) | (549) | (398) | 38% |
| Expenses-to-revenue ratio | 12.0% | 12.1% | (0.1) pts |
| Operating profit | 932 | 701 | 33% |
| Other non-operating income/(expenses) - net | (77) | (110) | (30)% |
| Pre-tax income | 855 | 591 | 45% |
| Taxation | (173) | (160) | 8% |
| Profit for the period | 682 | 431 | 58% |
| Non-controlling interests | (42) | (36) | 16% |
| Profit attributable to equity holders | 640 | 395 | 62% |
| EPS (US cents) basic | 5.50 | 3.31 | 2.19 |
| EPS (US centrs) diluted | 4.92 | 3.08 | 1.84 |
Lenovo's Solutions and Services Group saw revenue growth of 25% year-over-year. Its Infrastructure Solutions Grow recorded its first profitable quarter since 2014 in Q3 21/22. The company's Intelligent Devices Group, which makes some of the best Windows laptops, had revenue growth of 16% year-over-year in the quarter.
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