Lenovo records yet another record quarter for revenue and profit

Lenovo Thinkpad X1 Nano Hero
Lenovo Thinkpad X1 Nano Hero (Image credit: 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.

Swipe to scroll horizontally
CategoryQ3 21/22Q3 20/21Y/Y Change
Gross profit3,3552,78620%
Gross profit margin16.7%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 ratio12.0%12.1%(0.1) pts
Operating profit93270133%
Other non-operating income/(expenses) - net(77)(110)(30)%
Pre-tax income85559145%
Profit for the period68243158%
Non-controlling interests(42)(36)16%
Profit attributable to equity holders64039562%
EPS (US cents) basic5.503.312.19
EPS (US centrs) diluted4.923.081.84

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.

Sean Endicott
News Writer and apps editor

Sean Endicott brings nearly a decade of experience covering Microsoft and Windows news to Windows Central. He joined our team in 2017 as an app reviewer and now heads up our day-to-day news coverage. If you have a news tip or an app to review, hit him up at sean.endicott@futurenet.com (opens in new tab).

  • Of all the manufacturers, if not for Microsoft, I'd be riding the Lenovo wave. I've had a few of the computers before and the build quality is so good even on their mid-range stuff.
  • True, but it's disappointing that they never updated their X1 Tablet (that is, their excellent Surface Pro rival). Maybe there'll be something with 12th Gen Intel? We know about their foldable ambitions.
  • I agree, I have had 2 of them in the mid-teir range and they were both great machines. They are usually a bit proud of the stuff, meaning you will pay a little more for the same build, but when on sale they are well worth it.