China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
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China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)
The Lenovo logo is seen in this illustration photo January 22, 2018. (Reuters)

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.



Saudi KAUST Partners with Abdul Latif Jameel Motors, Toyota to Advance Zero-Carbon Fuel Cell Technologies

The collaboration aims to support the Kingdom's decarbonization efforts across the transportation sector and beyond, contributing to the national goal of achieving net-zero greenhouse gas (GHG) emissions by 2060. (SPA)
The collaboration aims to support the Kingdom's decarbonization efforts across the transportation sector and beyond, contributing to the national goal of achieving net-zero greenhouse gas (GHG) emissions by 2060. (SPA)
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Saudi KAUST Partners with Abdul Latif Jameel Motors, Toyota to Advance Zero-Carbon Fuel Cell Technologies

The collaboration aims to support the Kingdom's decarbonization efforts across the transportation sector and beyond, contributing to the national goal of achieving net-zero greenhouse gas (GHG) emissions by 2060. (SPA)
The collaboration aims to support the Kingdom's decarbonization efforts across the transportation sector and beyond, contributing to the national goal of achieving net-zero greenhouse gas (GHG) emissions by 2060. (SPA)

Saudi Arabia’s King Abdullah University of Science and Technology (KAUST), Abdul Latif Jameel Motors, and Toyota Motor Corporation (TMC) have embarked on a strategic partnership to advance hydrogen fuel cell research in Saudi Arabia.

The collaboration aims to support the Kingdom's decarbonization efforts across the transportation sector and beyond, contributing to the national goal of achieving net-zero greenhouse gas (GHG) emissions by 2060.

As a centerpiece of this partnership, KAUST has acquired Proton Electrolyte Membrane (PEM) fuel cell modules from TMC, establishing a state-of-the-art laboratory at KAUST under its Clean Energy Research Platform (CERP) dedicated to advancing this cutting-edge technology, reported the Saudi Press Agency on Tuesday.

The facility will be at the forefront of Saudi Arabia's efforts to lead in hydrogen innovation, particularly in tailoring fuel cells to the region's unique environmental conditions.

Professor Mani Sarathy, from KAUST's Physical Science and Engineering Division, said: “At KAUST, we are excited to collaborate with TMC and Abdul Latif Jameel Motors to drive the adoption of hydrogen fuel cell technology in Saudi Arabia, aligning with the Kingdom's Vision 2030 and net-zero goals for 2060.”

“Through our Clean Energy Research Platform (CERP), we are focused on advancing research that will optimize hydrogen fuel cells for the region's specific conditions, ensuring their efficiency and reliability. This partnership demonstrates our commitment to pioneering innovations that support sustainable solutions and contribute to a greener future for Saudi Arabia and beyond,” he said.

Sarathy and his team at CERP are currently leading research efforts to explore the performance, durability, and environmental integration of PEM fuel cells, supported technically and financially by TMC and Abdul Latif Jameel Motors.

The team is conducting a series of modeling and experimental studies to assess factors such as temperature sensitivity, humidity impact, and overall efficiency, with the goal of maximizing the environmental benefits of these fuel cells within the Kingdom's infrastructure.

Saudi Arabia, with its vast renewable energy resources, is well-positioned to produce both green hydrogen and blue hydrogen using Carbon Capture, Utilization, and Storage (CCUS) technology. With this in mind, the Kingdom aims to produce approximately 2.9 million tons of hydrogen by 2030, with competitive costs for both domestic use and export.