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.