Lenovo reports flat revenue in Q1FY23 amid COVID-19 lockdowns in China

Lenovo Group, the world’s biggest maker of personal computers, reported flat revenue for the April-June quarter when many Chinese cities were hit by COVID-19 lockdowns, marking its most subdued result in eight quarters. Total revenue came in at $16.96 billion, in line with an average Refinitiv estimate of $16.87 billion drawn from seven analysts. Net income attributable to shareholders rose 11% to $516 million. Lockdowns in China during the quarter dealt a blow to the PC supply chain, with major laptop manufacturing partners including Quanta, Compal and Wistron suffering significant manufacturing disruptions, according to a report by research firm Counterpoint….