Lenovo Group: Fiscal 3Q23 Financial Results

(in $ million)	3Q22	3Q23	9 mo. 22	9 mo. 23
Revenue	20,127	15,267	54,924	49,312
*Growth*		-24%		*-10%*
Net income (loss)	640	437	1,618	1,494

Lenovo Group, announced financial results for the third quarter of FY23 ended December 31, 2022, reporting revenue of $15.3 billion and net income of $437 million.

Revenue from non-PC businesses reached a 41% and profitability remained solid as firm’s diversified growth engines of Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG) grew revenue to record highs of $1.8 billion and $2.9 billion respectively, up 23% and 48% Y/Y. All main business groups contributed operating profit for the 5th consecutive quarter.

By 2025, the server market alone is expected to reach $135 billion. In the same time frame, the edge infrastructure market will grow 17% CAGR to reach $37 billion.

Within storage, the firm had records for hyperconverged, traditional entry and midrange and cloud storage.