What you need to know
- Lenovo managed to pull in $17.9 billion in revenue during FY22 Q2 (the second quarter of its 2022 fiscal year).
- That figure represents a 23% year-over-year (YoY) jump compared to 2021.
- The company also commented on the global chip shortage.
Though it was already known that Lenovo was leading the pack in the notebook PC space thanks to a recent report by Strategy Analytics, we now know how well the overall business is doing. According to Lenovo, it achieved $17.9 billion in revenue for Q2 FY22.
$17.9 billion represents a 23% YoY increase in revenue compared to the previous fiscal year's second quarter. Lenovo's net income saw a much larger spike with $512 million in profit, which was a 65% YoY jump.
The company attributed its quarterly successes to its ability to secure more supplies than the competition but admitted the global semiconductor crisis has had noteworthy impacts on its business operations nonetheless (via Reuters). CEO and Chairman Yang Yuanqing spoke to Reuters, revealing that he feels the shortages won't resolve until early 2022, with that being the best-case scenario.
Lenovo isn't the only company to rake in a ton of money but still feel the sting of supply chain issues. Microsoft brought in $45.3 billion during its last quarter, but cited chip shortages for its decline in Surface revenue. Surface revenue seeing a dip certainly didn't come about because of neglect on Microsoft's part; the line recently introduced a large wave of new products, including the Surface Duo 2.
With regards to Chinese technology businesses besides Lenovo Group Ltd, another to recently make headlines was Tencent, which detailed three of its new, in-development chips alongside an announcement for a new cloud operating system named Orca.
