China’s Lenovo Group reported on Thursday a 21% drop in third-quarter profit, but beat analyst expectations as strong revenue growth helped offset margin pressures. Net profit attributable to shareholders fell to $546 million for the three months ended December 31, above the average analyst estimate of $451.29 million, according to LSEG data.
Revenue rose 18% year-on-year to $22.2 billion, beating expectations of $20.6 billion, as the world’s largest PC maker benefited from artificial intelligence-driven demand. Adjusted net profit, which excludes one-off items and non-cash charges, climbed 36% to $589 million.
