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.

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