HONG KONG Reuters-China's Lenovo Group posted a 6.8% increase in fourth-quarter revenue, its slowest growth in seven quarters, as people shopped for fewer of its personal computers after months of strong Pandemic demand.
Revenue rose to $16.69 billion in the quarter ended March 31 from $15.63 billion a year earlier, lower than the average analyst estimate of $17.36 billion drawn from 9 analysts, according to Refinitiv.
The net income attributable to shareholders for the world's biggest maker of personal computers rose to $412 million, exceeding analysts' expectations.
According to Counterpoint, the Beijing-based company, a bellwether for the global PC market, led the market with a 23.1% share in the January-March period.
A rush to buy PCs during the epidemic resulted in record sales and profit for Lenovo in the December quarter. But sales have started to lose steam as China, the company's biggest market, has been hit by the Omicron variant, prompting many cities to impose lock downs and shut down factories.