Chinese tech heavyweight Lenovo Group Ltd posted profits of $77 million in the quarter ending in June, beating analysts’ expectations, thanks to a sharp jump in revenue in all business segments.
The figure fared better than an average estimate of $59.37 million from six analysts polled by Thomson Reuters and indicates a big turnaround from a loss of $72.3 million in the same period a year earlier.
Its revenue rose 19 percent year-on-year to $11.91 billion, marking its second straight quarter of double-digit revenue growth.
Lenovo Chairman Yang Yuanqing said as the Beijing-based company accelerates steps to push forward digital transformation, its financial performance will continue improving.
In this quarter, its traditional personal computer business saw rapid growth and its mobile business, which has been struggling with lackluster smartphone performance for a while, is also recovering by lowering operation costs and optimizing product lines, Lenovo said.
Yang said earlier this year that Lenovo will ramp up resources to inject artificial intelligence into all of its businesses this year. It will channel $1.2 billion into AI, the internet of things and big data over the next four years to tap into opportunities brought by the cutting-edge technology.
Cover photo: Xinhua