Lenovo Clocks 17% Revenue Growth In Q3 Backed By Premium PC Segments

Lenovo Group Ltd LNVGY reported third-quarter FY21 revenue growth of 17% year-on-year to $20.13 billion, beating the consensus by $1.47 billion.
Premium PC segments delivered high growth. Workstation revenue grew 40% Y/Y, and gaming revenue rose 27% Y/Y.
Smartphones maintained a healthy profit for the seventh consecutive quarter, with revenue growth of 46% Y/Y.
Gross profit rose 20% Y/Y to $3.36 billion, with the margin expanding 50 basis points to 16.7%.
Operating profit increased 33% Y/Y to $932 million.
Net income rose 62% Y/Y to $640 million, translating to EPS of $4.92.
"With another record quarter, we delivered the 6th quarter of more than 50% net income year-on-year growth, and the first US$20 billion revenue quarter in our history. We remain on track to double both our net margin and R&D investment in three years from FY20/21 levels," said Yuanqing Yang, Lenovo Chairman, and CEO.
Price Action: LNVGY shares closed at $23.07 on Tuesday.

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