Lenovo Group reported its first revenue drop in 10 quarters at $17.09bn, down 4% YoY. Its net income rose 6% during the period to $541mn. The softer results come on the back of a weakening market for PCs globally where global PC shipments have declined 15% YoY – Lenovo, HP, and Dell saw YoY shipments fall by 16%, 28% and 21% respectively. Lenovo also highlighted that the Covid lockdowns in China impacted its business. The CEO said that the decline in revenues from China was due to weakening demand from commercial clients rather than consumers adding that “in the rest of world, it’s the reverse (where) the consumer is impacted by inflation.”

Lenovo’s dollar bonds were slightly lower – its 5.875% 2025s were down 0.3 points to 95.56, yielding 7.89%.

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