South Africa: Lenovo Announces Record Revenues Profit

Johannesburg — LENOVO has announced record revenues of US$17,2 billion in the third quarter of 2020.

This represents an increase of 22 percent year-on-year.

This was the second consecutive record-breaking quarter, driven by strong growth across all core business groups as well as the company's transformation businesses.

Profits also set new records, with third quarter pre-tax income up 52 percent year-on-year to $591 million, while net income also increased by 53 percent year-on-year to $395 million.

"The delivery of yet another record-breaking quarter is a reflection of our innovative product portfolio and operational excellence, which drove growth across all businesses," said Yuanqing Yang, Lenovo Chairman and Chief Executive Officer.

"Clearly, 2020 was a challenging year that brought remarkable changes to our world, yet Lenovo quickly responded to the changing market driven by new work and lifestyle trends and delivered strong results."

As the company begins to see the results of its transformation investments, Lenovo will further invest in technology and innovation, drive intelligent transformation across industries, and create sustainable growth.

"We are thrilled with the latest preliminary IDC figures, as they indicate that Lenovo is still indeed a force to be reckoned with in the South African market," said Thibault Dousson, Country General Manager at Lenovo South Africa.

In South Africa, Lenovo has maintained the number one market position for the second consecutive quarter, capturing a total market share of 20,2 percent.

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