China’s Lenovo Group reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump.
The world’s largest maker of personal computers (PC) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 23% from the same quarter a year ago.
The results trailed an average Refinitiv estimate of $16.39 billion drawn from seven analysts.
The outbreak of the COVID pandemic in 2020 provided a huge boost in electronic sales for Lenovo and its peers worldwide as many people opted to work remotely and replaced or upgraded their gadgets.
However, demand has begun to fall and Lenovo’s revenue started contracting in the July-September quarter last year.
