Lenovo Group {{ m-tag option="price" ticker="LNVGY" currency="USD" }} posted a 20% YoY revenue increase to $15.4 billion for Q1 2024, surpassing analyst estimates of $14.1 billion. This marks the third consecutive quarter of revenue growth after enduring five quarters of post-pandemic declines.

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Leadership in the Global PC Market 

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Lenovo continues to assert dominance in the global personal computer (PC) market. IDC data reveals that global PC shipments grew by 3% in Q1 2024, totaling 64.9 million units. Lenovo maintained its market leadership with a 23% share, demonstrating resilience as the market began to recover from a two-year slump. Shares of Lenovo reached 2.37% in Thursday trading. 

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AI PCs: Lenovo's Future Focus 

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Lenovo remains dominant in the global PC market, holding a 23% share as global shipments rose by 3%. The company’s stock gained 2.37% in response to this performance. AI PCs are a key focus for Lenovo, expected to make up 50-60% of shipments by 2026, positioning it at the forefront of the AI-driven PC market.

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Non-PC revenue now contributes 47% of total income, with the Intelligent Devices Group (IDG) generating $11.4 billion in revenue and the Infrastructure Solutions Group (ISG) reporting a record $3.2 billion in revenue, driven by cloud infrastructure demand.

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Lenovo's profitability was also impressive, with net income soaring 65% YoY to $315 million on a non-HKFRS basis and $243 million on a standard basis, surpassing market expectations. The company's Solutions and Services Group (SSG) further reinforced this growth, marking its 13th consecutive quarter of double-digit revenue increases with $1.9 billion in revenue. 

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R&D Investments and Strategic Partnerships 

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The company increased its research and development (R&D) spending by 6% to $476 million, emphasizing its focus on cutting-edge technologies such as AI. Strategic collaborations, such as its partnership with Alat, a subsidiary of the Saudi Public Investment Fund (PIF), drive long-term growth.

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