Lenovo reported record full-year revenue of $83.1 billion on Friday, as AI-related sales nearly doubled year-on-year to account for 33% of total group revenue for the fiscal year ended March 31.
The PC and infrastructure giant hit $83.1 billion in annual revenue, with AI-related sales growing 105% for the full year
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Lenovo reported record full-year revenue of $83.1 billion on Friday, as AI-related sales nearly doubled year-on-year to account for 33% of total group revenue for the fiscal year ended March 31.
The results mark the strongest annual performance in the company's history. Adjusted net income for the full year grew 42% year-on-year to $2 billion, the company said. Quarterly revenue of $21.6 billion represented a 27% year-on-year jump — a pace of growth the company had not seen in five years — and net income came in at $521 million.
Trading in Hong Kong on Friday saw Lenovo's share price climb by as much as 19.32%.
On a full-year basis, AI-related revenue climbed 105%, and in the fourth quarter alone it expanded 84% to make up 38% of total group revenue. The company's definition of AI-related revenue encompasses neural processing unit-equipped PCs and smartphones, servers running graphics processing units, and a range of customer-facing AI services.
The Infrastructure Solutions Group delivered record full-year revenue of $19.2 billion, up 32% year-on-year, reaching full-year profitability with an operating profit of $73 million — a $142 million improvement year-on-year. The company said its AI server business pipeline stands at $21 billion, with more than 5,800 customer AI deployments.
The Intelligent Devices Group posted full-year revenue of $58.9 billion, up 17% year-on-year. Global PC market share hit 24.4% in the fourth quarter, keeping Lenovo in the top position among the world's PC makers, the company said. The Solutions and Services Group crossed the $10 billion revenue threshold for the first time, growing 19% year-on-year.
Chairman and CEO Yuanqing Yang said the company aims to reach $100 billion in annual revenue within the next two years. In a post-earnings interview with Bloomberg, Yang said: "Our hybrid AI vision puts us at the forefront of AI inferencing and AI democratization, so I'm fully confident that we will achieve our goal to become a $100 billion company in two years."
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