PC maker Lenovo reports record quarterly revenue despite the ‘challenges' of US tariffs
Revenue for the three months ended June rose 22 per cent year on year to US$18.8 billion – a record high for a first quarter – while profits advanced by the same percentage to US$389 million, the company said on Thursday.
Lenovo recorded double-digit year-on-year revenue growth across all of its main businesses partly due to the 'resilience and flexibility' of its supply chain, which allowed it to 'overcome challenges brought by tariff volatility and the geopolitical landscape', chairman and CEO Yang Yuanqing said.
Yang said in May that US President Donald Trump's move to raise tariffs on Chinese goods had initially caught the company off guard and weighed heavily on the previous quarter.
But the company had more than 30 manufacturing facilities in 11 markets globally, senior vice-president and chief financial officer Winston Cheng said in a media briefing on Thursday.
Lenovo laptops are displayed at a Best Buy store in San Rafael, California, June 7, 2024.
Diversified manufacturing locations allowed it to deliver products locally and gave it 'a lot of advantage', although Lenovo was 'worried about uncertainties and quick changes', Yang had said in May.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
39 minutes ago
- South China Morning Post
Recurrent profits for Hong Kong's MTR Corp drop 15.7% in ‘eventful' first half
Hong Kong rail giant the MTR Corporation has reported a 15.7 per cent drop in recurrent-business profit to HK$3.39 billion in the first six months of this year from the same period in 2024 due to higher operating costs. After taking into consideration property gains and losses from a one-off revaluation of investment properties, the group said on Thursday that its net profit jumped 27.5 per cent to HK$7.7 billion during the first half of 2025. MTR Corp CEO Jacob Kam Chak-pui said that business over the period had been 'eventful'. 'The first six months of 2025 proved to be an eventful time that saw the MTR take meaningful steps forward in its expanding capital works programme, while rising patronage figures drove solid results for the company's operating revenue,' he said. Kam added that the company was in the 'harvesting stage' of its earlier property development projects. It recorded a property development profit of HK$5.54 billion in the first six months of this year compared with HK$1.74 billion in the same period in 2024, mainly from two packages near Ho Man Tin station and another two at The Southside mall near Wong Chuk Hang station.
South China Morning Post
2 hours ago
- South China Morning Post
China debuts first e-beam lithography machine for commercial use in chipmaking milestone
China is set to deliver its first domestically developed e-beam lithography tool for commercial use, advancing its chipmaking capabilities and taking a step forward in the race for technological advancement. Lithography systems – among the most sophisticated machines ever created – are crucial for the mass production of chips, though China remains in the very early stages of developing such tools domestically. Named Xizhi after the famed ancient Chinese calligrapher Wang Xizhi, the new machine was developed by a quantum technology lab at Zhejiang University in Hangzhou. It uses a focused electron beam to 'write' chip circuits onto silicon wafers. 'Due to export controls , such equipment has long been out of reach for leading domestic research institutions, including the University of Science and Technology of China and Zhejiang Lab,' Hangzhou Daily, a local media outlet, reported on Thursday. 'The delivery of Xizhi is expected to help break this impasse.' Beijing has ramped up efforts to localise advanced chip manufacturing in response to US export restrictions on hi-tech equipment, with recent progress strengthening its R&D capabilities.
South China Morning Post
2 hours ago
- South China Morning Post
China and Australia ready for ‘more productive' relationship, Beijing's ambassador says
China and Australia are ready to 'move beyond' stabilising relations and aim for 'more productive' economic cooperation, according to Beijing's ambassador Xiao Qian. There could be a 'closer alignment' between the Australian mining and Chinese manufacturing sectors through 'joint exploration, technology sharing and capacity enhancement', Xiao told a trade expo on Thursday. He said both countries had 'highly compatible' development strategies and 'can fully complement each other's strengths, collaborate in a coordinated manner and jointly build green, secure and sustainable' industrial chains. Earlier this week, the Australian mining giant Fortescue announced it had secured an offshore yuan-denominated loan worth 14.2 billion yuan (US$1.98 billion) from a syndicate led by Bank of China to support its decarbonisation plans. China has been Australia's largest trading partner, export market and source of imports for the past 16 years. However, after ties soured in 2019 and 2020, Australian goods were hit by a series of export curbs that Beijing only lifted at the end of last year.
