Global personal computer demand continued to slump and revenues fell for a third consecutive quarter but China's PC maker Lenovo is not worried.
But the CFO is optimistic that its non-PC businesses — devices, infrastructure solutions as well as solutions & services — can help diversify the business.
"Our revenue on a full year basis in fact didn't actually drop that much because the other two business groups have been driving significant growth in part by the infrastructure business. The margin has also been mitigated or compensated by our significant growth in our services business," said Wong.
Lenovo's non-PC businesses grew 7% and now consist of nearly 40% of total revenue for the full year through March. The other 60% of revenue still comes from the PC business. "Our non-PC businesses' revenue mix increased to nearly 40%. Our clear strategy is working, and our operation is resilient, even in the face of global uncertainties," said Yuanqing Yang, chairman and CEO of Lenovo Group during the earnings call. "Going forward, we will continue to invest in [research and development] to capture the next wave of growth opportunities, so we are well prepared for the future.
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