China's Lenovo posts 43% jump in Q1 revenue

Business Recorder reported that China's Lenovo Group recorded a 43% increase in quarterly revenue on Thursday. The world's largest computer maker is benefiting from heavy demand for artificial intelligence hardware and a worldwide shortage of memory chips, according to the report. Revenue totalled $26.94 billion for the quarter closing June 30, ahead of the $22.3 billion analysts had projected. Strong personal computer sales also helped, the report added.

The company's result for shareholders swung into the red, with a net loss of $609 million against a profit of $505 million a year earlier. LSEG data showed analysts had expected a net loss of $589 million, so the reported figure came in wider than that estimate. The report does not name any Pakistan-listed company, but the figures offer a snapshot of demand for AI-linked hardware.