Lenovo’s Annual Revenue up by 20%, Net Profit Surged by 60% YoY to $1.3B

As the largest single player in the global PC market, Lenovo has had a fantastic FY 2021, with both its revenue and net profit reaching record highs.

According to data presented by Trading Platforms, Lenovo’s annual revenue increased by 20% in the fiscal year ended March 31, while the company’s net profit surged by 60% YoY to $1.3bn.

The Highest Revenue and Profit in a Decade

Over the last ten years, the Chinese multinational tech giant has taken up more and more of the global PC market share, managing to keep its sales mostly constant as PC unit sales have fluctuated. Today, Lenovo serves millions of customers in 180 markets worldwide and provides hi-tech products and solutions.

Although the company had been growing steadily even before the pandemic, the global digital transformation fuelled by the COVID-19 accelerated its growth significantly.

In the FY 2020, ended March 2020, Lenovo generated $50.7bn in revenue, revealed the company’s annual report. However, with millions of people working at home and spending more time online amid the lockdowns, this figure jumped to $60.7bn in FY 2021.

Lenovo’s PC segment generated 80% of the company’s revenue in FY 2021, nearly the same as a year before that. However, the revenue share of the mobile segment slipped from 11% in FY 2020 to 9% in 2021.

Statistics show that Lenovo witnessed even more impressive growth of its net revenue amid the COVID-19 crisis. In FY 2020, the company reported a net profit of nearly $805 million. This figure surged to over $1.3bn in the fiscal year ending March 31, 2021, the highest annual profit so far.

Lenovo Holds 25% of the Global PC Market, with 17.5M Units Shipped in Q1 2021

The Gartner survey showed that Lenovo shipped 68.3 million PCs in 2020, up from 63 million in 2019. HP, as the second-largest player in the PC market, shipped 58 million units last year. Dell followed with close to 45 million in annual PC shipments.

After a strong 2020, Lenovo’s PC sales continue growing this year. Between January and March, the tech giant shipped over 17.5 million PCs worldwide, an impressive 42% jump year-over-year. Also, statistics show the company hit a 25% global PC market share in the first quarter of 2021, compared to 23% in the same period a year ago.