China's Lenovo posts 64% slump in quarterly profit, but beats expectations

Lenovo reported a 64% drop in net profit for its fourth quarter ended March to $43 million (35 million pounds) due to disruption cause by COVID-19, beating an average $7.49 million estimate of seven analysts, according to Refinitiv data.

May 20, 2020 / 07:09 AM IST

China's Lenovo Group , the world's biggest PC maker, posted a better than expected quarterly profit on Wednesday and said it could benefit from the "new normal" of working from home.

Lenovo reported a 64% drop in net profit for its fourth quarter ended March to $43 million (35 million pounds) due to disruption cause by COVID-19, beating an average $7.49 million estimate of seven analysts, according to Refinitiv data.

Revenue dropped 9.7% to $10.6 billion.
Reuters
first published: May 20, 2020 06:57 am
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