Lenovo’s third-quarter earnings did better than analysts expected due to the impact of the coronavirus pandemic. The growing demand for remote work is driving increased demand for personal computers and laptops.
The company said all three business lines performed well and reported year-on-year growth for the first time in six quarters. For the past quarter, Lenovo’s net profit rose 53% to $ 310 million, while analysts expected only $ 224 million.
According to Chairman Yang Yuanqin, this was the ideal quarter for Lenovo, and the current quarter could get even better. Lenovo’s revenue in the last quarter was $ 14.5 billion, which is 7% higher than a year earlier.
As a leader in the PC market, the company capitalizes on people’s shift to remote work. According to Gartner, global PC shipments grew 3.6% from January to September.