Lenovo Group Limited (LNVGY) Q1 2024 Earnings Call Transcript


Lenovo Group Limited (OTCPK:LNVGY) Q1 2024 Earnings Conference Call August 17, 2023 3:00 AM ET

Company Participants

Jenny Lai – Vice President of Investor Relations

Yang Yuanqing – Chairman and Chief Executive Officer

Wai Ming Wong – Executive Vice President and Chief Financial Officer

Luca Rossi – Executive Vice President and President of Intelligent Devices Group

Kirk Skaugen – Executive Vice President and President of Infrastructure Solutions Group

Ken Wong – Executive Vice President and President of Solutions and Services Group

Jenny Lai

Good morning, good afternoon and good evening. Welcome to Lenovo’s Investor Earnings Webcast. This is Jenny Lai, Vice President of Investor Relations at Lenovo. Thanks, everyone, for joining us. Before we start, let me introduce our management team joining the call today.

Mr. Yang Yuanqing, Lenovo’s Chairman and CEO; Mr. Wong Wai Ming, Group CFO; Mr. Ken Wong, President of Solutions and Services Group; Mr. Kirk Skaugen, President of Infrastructure Solutions Group; Mr. Luca Rossi, President of Intelligent Devices Group. We will begin with earnings presentations. And shortly after that, we will open the call for questions. Now let me turn it over to Yang Yuanqing, please.

Yang Yuanqing

Hello, everyone, and thank you for joining us today. Last quarter, we achieved USD 12.9 billion in global revenue with net income of $191 million on our non-Hong Kong FRS basis. Despite a challenging market with unfavorable macroeconomic conditions, our service-led business achieved strong growth and sustained profitability. With the non-PC revenue mix further increasing by 4 points to 41% now continuously demonstrating the effectiveness of our efforts in building diversified growth engines.

As we predicted with the PC channel inventory digestion coming to an end, the trend of shipments and activations have become more consistent. Actually, the year-on-year decline of shipment was lower than PC activations for the first time



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *