Lenovo's PC Business Posts 28% Revenue Growth, 43% Higher Profit

Lenovo’s PC-centric Intelligent Devices Group reported 28% revenue growth for fiscal Q1 ended June 30 to $14.7 billion, and profit of $1.1 billion that was up 43% year over year. “The pandemic has changed how people live and work, with PCs returning to the center of digital lives,” said Lenovo Wednesday. “The PC refreshment cycle has shortened, the penetration rate has increased and the total PC demand until 2025 will at least remain at current levels.” Average selling prices and profitability in PCs continue to trend higher, due to ongoing consumer demand in “premium and high growth PC segments,” including gaming and thin and light notebooks, it said. The stock closed 10.5% higher Wednesday at $21.14.