Lenovo Group announced its Q2 FY 2024/25 results, showcasing robust performance with a 24% year-on-year revenue increase to $17.9 billion and a 48% rise in net income to $404 million (non-HKFRS). This marks the fourth consecutive quarter of year-on-year revenue growth, driven by double-digit increases across all business groups. Notably, the non-PC revenue mix rose five percentage points year-on-year to 46%. These results highlight Lenovo’s strategic clarity, operational excellence, R&D investments, hybrid AI innovations, and strong global presence.
The Group’s hybrid AI strategy and years of continuous investment in R&D and innovations are paying off, with its first phase of AI PCs, launched in China in May 2024, already reaching double digit share of its total notebook shipments in the China market. Recent launches of AI PCs for the global market with Lenovo AI Now have also been received positively. For enterprise AI, the Group is leveraging its full-stack hybrid infrastructure as well as Lenovo Hybrid AI Advantage to capture growth opportunities. This relentless focus on AI innovation as well as investment in R&D (up 10% year-on-year to US$548 million) is firmly establishing the Group’s market differentiation and industry leadership.
Looking ahead to growth, Lenovo will drive continued innovation in hybrid AI to further accelerate growth and profitability increases and is optimistic its current momentum will continue through the rest of the fiscal year.
Lenovo’s Chairman and CEO, Yuanqing Yang, said, “Last quarter, we achieved strong, sustainable, and accelerated growth, marking another period of revenue expansion across all business groups. This significant momentum is driven by our clear strategy, innovation investment, operational excellence, and global presence, as well as our commitment to hybrid AI, where we are further strengthening our market differentiation and industry leadership. As we look ahead, we are confident that our ongoing innovation advancements in hybrid AI will continue to accelerate growth and profitability, propelling us forward for the rest of the fiscal year.”
