China’s Lenovo revenue falls for third consecutive quarter as PC demand slumps

News Snapshot:

HONG KONG, May 24 (Reuters) - China's Lenovo Group Ltd (0992.HK) on Wednesday reported a 24% fall in revenue for the January-March quarter, meeting market expectations, as demand for personal computers (PCs) continued to slump. The world's largest PC maker said fourth-quarter revenue was $12.63 billion, down 24% from the same period a year earlier and marking the third consecutive quarter of on-year decline. The result compared with the $12.74 billion average of eight analyst estimates compiled by Refinitiv. For the full year through March, revenue shrank 14%, marking the first annual decline since 2019. The outbreak of COVID-19 gave...