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    QONEQT in China

    03-Nov-2022 05:01 AM


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    China’s Lenovo posts first revenue drop in 10 quarters as COVID lockdowns weigh

    HONG KONG (Reuters) -China's Lenovo Group (OTC:LNVGY) reported its first revenue decline in 10 quarters as a pandemic-fuelled sales boom comes to an end, with sales especially falling in China as COVID lockdowns took a toll.
    The world's largest maker of personal computers said on Thursday total revenue during the July-September quarter was $17.09 billion, down 4% from the same quarter a year ago, but coming above an average Refinitiv estimate of $16.74 billion drawn from seven analysts.
    That was the first decline since the March 2020 quarter.
    Lenovo had already seen growth for its first-quarter revenue grind to a halt, at only 0.2%.
    Net income attributable to shareholders for the quarter rose 6% to $541 million.
    Lenovo’s struggles reflect a weakening market for PCs globally.
    Source: Investing.com
    #LenovoGroup