HomeTechnologyLenovo Misses Quarterly Forecast Amid PC Sales Decline

Lenovo Misses Quarterly Forecast Amid PC Sales Decline

Lenovo Group confirmed on Thursday a 24% decline in revenue for the quarter ending in June, spurred by a sharp decline in the global demand for personal computers. The fourth consecutive drop in quarterly sales, this result comes after the Chinese electronics company a 14% fall in annual profit for the year ending in March – the first annual decline since 2019.

Stocks in the company slumped by 6%, contributing to Hong Kong’s Hang Seng index’s decline by 0.9%. Demand for PCs surged during the COVID-19 pandemic as consumers and companies shifted to a remote working environment and looked to upgrade existing hardware to handle new work and lifestyle requirements.

Global revenue from PC sales has been on a constant decline since the pandemic, signalling the end of the remote work sales boom and reflecting on the recent uptick in inflation and rising prices. Worldwide PC sales declined by 12% during the second quarter of 2023, data from market research firm Canalys indicated.

Delta CEO Ed Bastian Predicts Further Rise for the Company’s Stock

The majority of the airlines around the United States have been recently going through a period of struggles. One notable exception is Delta Air...

Shares of Palantir Technologies Plunge After a Downgrade From Monness, Crespi, and Hardt

Data-analytics software company Palantir Technologies saw its stock enjoy an admirable run since 2023 amid the ongoing artificial intelligence frenzy. However, it appears that...

Spotify Launches a New Subscription Plan for Users in the U.S.

The music streaming platform Spotify announced it would roll out a new subscription plan for its users in the United States. The news comes...