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China's Lenovo posts revenue growth after five quarters of decline

Reuters · 1y ago

China's Lenovo posts revenue growth after five quarters of decline

China's Lenovo Group has reported stronger-than-expected earnings for the October-December quarter, with revenue increasing by 3% to $15.72bn, beating analysts' estimates of $15.25bn. This marks a return to growth after five consecutive quarters of decline. The PC market, which had seen a slowdown due to the pandemic, is showing signs of recovery, with vendors clearing excess inventory. Lenovo's share price rose by 3.27% following the announcement. The company also highlighted the growth potential of AI PCs, which are expected to reach 50 million unit shipments this year, and the AI server market.

Related News

Lenovo posts another revenue decline as PC demand remains slow

Economic Times

Economic Times · 1y ago

Lenovo posts another revenue decline as PC demand remains slow

Lenovo Group reported a 16% decline in revenue for the third quarter, reaching $14.41 billion. The world's largest PC maker has experienced a sales decline for the fifth consecutive quarter due to the ongoing supply exceeding demand in the personal computer market. This comes as Lenovo continues to manage excess inventory from the COVID-19 pandemic. Despite meeting market expectations, this marks another revenue decline for the company.

China's Lenovo posts Q3 revenue growth, beats analyst estimates

Economic Times

Economic Times · 1y ago

China's Lenovo posts Q3 revenue growth, beats analyst estimates

Lenovo, the world's largest PC maker, reported a 3% increase in revenue for the October-December period compared to the previous year. The company has seen a decline in revenue since the end of the COVID-19-induced demand surge for PCs. Net income also fell by 23%. Despite this, Lenovo's PC shipments grew 3.2% in the same quarter, while industry-wide PC shipments increased by 0.3%. The company aims to enhance profitability by expanding non-PC businesses, such as its information technology services. Lenovo is also focusing on the development of AI PCs and smartphones to capture future opportunities in the AI market.

Tencent posts strong revenue growth as games sales recover

Economic Times

Economic Times · 1y ago

Tencent posts strong revenue growth as games sales recover

China's Tencent Holdings reported a 10% increase in third-quarter revenue, driven by a strong recovery in its games business following regulatory crackdowns. The company's sales reached 154.6 billion yuan ($21.4 billion) in the three months ending in September, marking its third consecutive quarter of revenue growth. However, net profit fell by 9% to 36.1 billion yuan. Last year, the regulatory crackdown resulted in a decline in revenue for Tencent. This year, with the resumption of game licenses, the industry has seen a significant recovery.

Netflix's efforts to grow ad tier in focus as subscriber growth slows

Economic Times

Economic Times · 1y ago

Netflix's efforts to grow ad tier in focus as subscriber growth slows

Netflix's subscriber growth has slowed in the second quarter of 2023, with an estimated 4.82 million new subscribers added, the lowest number in five quarters. This decline can be attributed to factors such as a crackdown on password sharing and viewers shifting their attention to summer sporting events. However, Netflix's efforts to introduce a lower-priced ad-supported tier have resulted in strong ad revenue growth, which is expected to have more than doubled in the June quarter. The company's revenue is projected to rise by 16.4% to $9.53 billion. Netflix's focus on original shows and its expansion of the ad-supported plan will be closely watched by investors.

China's Tencent posts weak revenue growth, plans to double buybacks

Economic Times

Economic Times · 1y ago

China's Tencent posts weak revenue growth, plans to double buybacks

Chinese tech giant Tencent Holdings reported a 7% increase in fourth-quarter revenue, falling short of analyst expectations due to China's economic slowdown. The company, known for its popular WeChat messaging platform and gaming business, generated revenue of ¥155.19 billion ($21.56 billion) in the final quarter of 2023. Overall, Tencent's revenue for the full year increased by 10% to ¥609 billion, marking a recovery from its previous year of decline. However, the company's core gaming business experienced a slowdown, with revenue in China declining by 3%. Despite the challenges, Tencent plans to double its share buybacks in 2024.

Chinese internet giant Baidu posts flat revenue as consumption slumps

Economic Times

Economic Times · 11m ago

Chinese internet giant Baidu posts flat revenue as consumption slumps

Baidu, the Chinese internet giant, reported flat second-quarter revenue of ¥33.93 billion ($4.67 billion), citing an uncertain economic outlook in the country. The company, known for operating China's top search engine, derives significant sales from advertising, which is susceptible to fluctuations in consumer and business spending. Despite the challenges, Baidu's net profit for the quarter increased by five percent to ¥5.5 billion ($770 million). Baidu competes with other Chinese internet giants such as Tencent and ByteDance and has been exploring opportunities in artificial intelligence and autonomous driving to diversify its revenue streams.

Paytm’s hot lending biz cools off in Q3 FY24; 10% QoQ decline

Inc42 · 1y ago

Paytm’s hot lending biz cools off in Q3 FY24; 10% QoQ decline

Paytm's lending business saw a decline in Q3 FY24 as the company recalibrated its loan portfolio, resulting in a sequential drop in the number of loans disbursed. Despite this, the merchant loans segment experienced strong growth of 96% YoY. Revenue from financial services increased 36% YoY, while the overall operating revenue grew 38% YoY. Paytm plans to prioritize insurance distribution, equity broking, and mutual funds distribution amidst the decline in lending. The company aims to add more lending partners in the coming quarters.

SpiceJet net loss at ₹423 crore for FY24, vs net loss of ₹1,513 crore in FY23

Livemint

Livemint · 1y ago

SpiceJet net loss at ₹423 crore for FY24, vs net loss of ₹1,513 crore in FY23

SpiceJet, the budget carrier, has reported its earnings for the December and March quarters after a delay of more than six months. The airline's net loss for the full financial year ending March 2024 decreased to ₹423.7 crore. Total revenue fell by almost 14% to ₹8,524 crore, but the company managed to reduce its net loss through a steeper decline in expenditure. SpiceJet has faced financial challenges and had to lay off employees and reduce its fleet size. Despite the difficulties, the airline is hopeful about its future growth potential in the Indian aviation market.

For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

Livemint

Livemint · 10m ago

For the first time since 2019, TCS sees a fall in Sep quarter margins | Mint

- Tata Consultancy Services (TCS) reported a sequential decline in profit for the September quarter due to increased equipment costs and a decline in revenue from the Americas. - The net profit for the quarter stood at $1.43 billion, down 1.59% from the previous quarter, marking the first sequential decline in five years for TCS. - However, the company saw a 2.2% sequential and 6.38% yearly increase in revenue, reaching $7.67 billion. - The growth in revenue was primarily led by TCS's communication, media, and technology business segment, which accounted for more than 90% of the incremental revenue. - Despite the revenue growth, TCS experienced a decline in operating margins for the first time since September 2019, with profitability narrowing to 24.1%. - TCS's India business showed promise, contributing almost 9% or $681 million to its revenue, with domestic clients driving 74% of the incremental revenue in the quarter.

Ad sales of Elon Musk's X projected to slump to about $2.5 billion in 2023

Economic Times

Economic Times · 1y ago

Ad sales of Elon Musk's X projected to slump to about $2.5 billion in 2023

Elon Musk's social network, formerly known as Twitter, is expected to see a significant decline in advertising revenue. The platform, now called X, generated around $600 million in ad revenue in each of the first three quarters of 2023, and projections suggest a similar performance for the current period. Ad sales make up 70-75% of X's total revenue, implying estimated sales of $3.4 billion in 2023. This decline in revenue is attributed to advertisers' concerns about content moderation and Musk's posts amplifying extremist views. Subscription and data licensing deals also contribute to X's revenue.

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