Latest news with #YangYuanqing
New Straits Times
4 days ago
- Business
- New Straits Times
Tariff pause a positive sign, says Lenovo
Your browser does not support the audio element. BEIJING: China's Lenovo said yesterday the tariff pause between Washington and Beijing was positive and growth in China's artificial intelligence (AI) infrastructure remained strong despite United States-China tech tensions. "The truce is a positive situation," said Lenovo chief executive officer Yang Yuanqing in an interview after the world's largest maker of personal computers (PCs) released its fiscal first quarter results. "We feel better than the previous quarter — it brings us more certainty rather than uncertainty." The US and China have extended a tariff pause for another 90 days to November, averting triple-digit duties on each other's goods and offering temporary relief to businesses on both sides. Lenovo's overall revenue for the three months ended June 30 (1:03) climbed 22 per cent year-on-year to US$18.8 billion, exceeding analysts' expectations of US$17.4 billion, according to LSEG data. Yang attributed the performance to strong AI demand in its three major business segments, each scoring double-digit growth in the first quarter, and said US tariffs on Chinese goods had so far not had much impact. Chinese exports to the US, including PCs, currently face a 30 per cent levy, despite the tariff truce. Yang said the US accounted for less than 20 per cent of its total revenue. Net profit attributable to shareholders increased 108 per cent year-on-year to US$505 million, well ahead of the consensus estimate of US$307.7 million. Reuters
South China Morning Post
5 days ago
- Business
- South China Morning Post
PC maker Lenovo reports record quarterly revenue despite the ‘challenges' of US tariffs
Lenovo Group said its first quarter revenue reached a record high despite ongoing challenges from US tariff policies, as the world's largest personal computer (PC) maker pushes for the use of AI in both its consumer and enterprise products. 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.
Time of India
5 days ago
- Business
- Time of India
Chinese PC maker Lenovo says US-China tariff pause a positive sign
Academy Empower your mind, elevate your skills China's Lenovo said on Thursday the tariff pause between Washington and Beijing was positive and growth in China's AI infrastructure remained strong despite U.S.-China tech tensions."The truce is a positive situation," said Lenovo's CEO Yang Yuanqing in an interview with Reuters after the world's largest maker of personal computers released its fiscal first-quarter results."We feel better than the previous quarter - it brings us more certainty rather than uncertainty."The U.S. and China have extended a tariff pause for another 90 days to November, averting triple-digit duties on each other's goods and offering temporary relief to businesses on both overall revenue for the three months ended June 30 climbed 22% year-on-year to $18.8 billion, exceeding analysts' expectations of $17.4 billion, according to LSEG attributed the performance to strong AI demand in its three major business segments, each scoring double-digit growth in the first exports to the U.S., including PCs, currently face a 30% levy, despite the tariff truce. Yang said the U.S. accounted for less than 20% of Lenovo's total revenue, and that the tariffs on Chinese goods had not had much impact on its business so far due to its global manufacturing profit attributable to shareholders more than doubled year-on-year to $505 million, well above the consensus estimate of $307.7 PC accounted for more than 30% of all Lenovo PC shipments in the first quarter, according to Yang. Lenovo's AI server business grew 150% in the first quarter on strong local demand."We see strong pipeline in AI servers," Yang has recently advised major internet firms to exercise caution when purchasing Nvidia H20 chips and to consider domestic alternatives, after Trump approved the resumption of H20 chip sales to said China AI infrastructure had grown faster than the rest of the world and Lenovo, a Nvidia partner in China, has invested to diversify its supply-chain options amid the US-China dispute over semiconductors."Not only can we sell global products, we have invested a lot to develop the best local component products to meet customers' different requirements," Yang shares fell more than 3% in early trading on Thursday, against a 0.4% rise in the Hang Seng Index. However, the stock has climbed 15% over the past three months, outpacing gains in the benchmark.
Reuters
5 days ago
- Business
- Reuters
Chinese PC maker Lenovo says US-China tariff pause a positive sign
BEIJING, Aug 14 (Reuters) - China's Lenovo ( opens new tab said on Thursday the tariff pause between Washington and Beijing was positive and growth in China's AI infrastructure remained strong despite U.S.-China tech tensions. "The truce is a positive situation," said Lenovo's CEO Yang Yuanqing in an interview with Reuters after the world's largest maker of personal computers released its fiscal first-quarter results. "We feel better than the previous quarter - it brings us more certainty rather than uncertainty." The U.S. and China have extended a tariff pause for another 90 days to November, averting triple-digit duties on each other's goods and offering temporary relief to businesses on both sides. Lenovo's overall revenue for the three months ended June 30 climbed 22% year-on-year to $18.8 billion, exceeding analysts' expectations of $17.4 billion, according to LSEG data. Yang attributed the performance to strong AI demand in its three major business segments, each scoring double-digit growth in the first quarter, and said U.S. tariffs on Chinese goods had so far not had much impact. Chinese exports to the U.S., including PCs, currently face a 30% levy, despite the tariff truce. Yang said the U.S. accounted for less than 20% of its total revenue. Net profit attributable to shareholders increased 108% year-on-year to $505 million, well ahead of the consensus estimate of $307.7 million. Lenovo's shares fell 3% in early trading on Thursday, against a 0.4% rise in the Hang Seng Index (.HSI), opens new tab. However, the stock has climbed 15% over the past three months, outpacing gains in the benchmark.
Time of India
22-05-2025
- Business
- Time of India
China's Lenovo posts quarterly profit far short of estimates, shares slide
China's Lenovo , the world's largest personal computer manufacturer, said fourth-quarter profit plunged 64% - a result that was far worse than expected and one that sent its shares sharply lower. The profit slide was mostly due to a fair value loss on warrants but the company was also hurt by the U.S. President Donald Trump's decision in March to double fentanyl-related tariffs on all Chinese imports. "The 20% tariffs announced in March were implemented suddenly and left us no time to prepare. It had a significant impact on our numbers in the last quarter - it's not a small number," Lenovo's CEO Yang Yuanqing said in conference call. Lenovo's shares tumbled 5.4%, underperforming a 1.3% fall in the Hang Seng index. While the U.S. and China have rolled back most of their tariffs levied since April, the 20% tariff remains. Yang told Reuters in an interview that if tariffs impacted costs, the company would raise prices. Lenovo has 30 manufacturing facilities in more than 10 countries, and that its diversified manufacturing bases can help it navigate U.S. tariffs, he added. Net profit for Lenovo, which also manufactures smartphones and offers cloud computing solutions , came in at $90 million, well short of an LSEG consensus estimate of $225.8 million. But overall revenue for the January-March quarter climbed 23% from the same period a year earlier, ahead of analysts' expectations of $15.6 billion. The company's infrastructure solutions group, which includes servers, did particularly well, posting a 64% jump in revenue. Its solutions and services group, which offers cloud-based software for enterprise clients, saw revenue surge 22%.
