Chinas Lenovo Q3 revenue tumbles 24% as PC demand slumps

HONG KONG (Reuters) – Chinas Lenovo Group reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump.

The worlds largest maker of personal computers (PC) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 23% from the same quarter a year ago. The results trailed an average Refinitiv estimate of $16.39 billion drawn from seven analysts.

The outbreak of the COVID pandemic in 2020 provided a huge boost in electronic sales for Lenovo and its peers worldwide as many people opted to work remotely and replaced or upgraded their gadgets. However, demand has begun to fall and Lenovos revenue started contracting in the July-September quarter last year.

(Reporting by Josh Ye; Editing by Muralikumar Anantharaman)