China’s Lenovo revenue falls for third consecutive quarter as PC demand slumps

China’s Lenovo Group Ltd (0992.HK) on Wednesday reported a 24% fall in revenue for the January-March quarter, meeting market expectations, as demand for personal computers (PCs) continued to slump.

The world’s largest PC maker said fourth-quarter revenue was $12.63 billion, down 24% from the same period a year earlier and marking the third consecutive quarter of on-year decline.

The result compared with the $12.74 billion average of eight analyst estimates compiled by Refinitiv.

For the full year through March, revenue shrank 14%, marking the first annual decline since 2019.

The outbreak of COVID-19 gave a huge boost to electronics sales as consumers and companies alike stocked up on equipment or upgraded existing gear to accommodate a shift to remote work.

However, revenue started contracting last year as demand began to fall. For the previous quarter, Lenovo reported a decline in revenue of 24%, its steepest in 14 years.

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