In the third quarter of Lenovo's 2015/16 fiscal year, which ended on December 31, 2015, the company reported a revenue decline of 8% to $12.9 billion, excluding foreign exchange impacts. This represents a smaller drop compared to the previous year’s 2% decrease. The gross profit margin slightly fell by 0.3 percentage points to 14.6%, while operating expenses dropped by 15% to $1.5 billion. Despite these challenges, net profit rose by 19% to $300 million. Analysts, according to Thomson Reuters SmartEstimates, had expected revenue of $13.21 billion and net profit of $237.7 million for the quarter.
Lenovo’s personal computer business saw a 12% year-over-year decline in revenue, reaching $8.033 billion. However, the company managed to increase its market share in the consumer PC segment by 1.3% to 19.7%, and in commercial PCs, it climbed to 23.4%, marking a new high.
The mobile business revenue decreased by 4% to $3.245 billion, but this was a 5% increase when excluding currency fluctuations. Lenovo attributed this improvement to restructuring efforts that helped achieve operational balance. In the same period, global smartphone sales dropped by 18% (or 7% when adjusted for currency) to 20.2 million units, with a market share of 5.1%, placing the company fourth globally.
Outside of China, smart machine sales increased by 15% to 16.7 million units, raising the proportion of international sales from 83% to 83%.
For the first three quarters of the 2015/16 fiscal year, Lenovo's revenue in China fell by 14% to $10 billion, with local revenue dropping to $3.52 billion in the third quarter. The company stated that it has cleared its phone inventory and is now focusing on expanding its product range in the open market to drive growth again.
Overall, Lenovo reported a net loss of $308 million for the first three quarters of the fiscal year, significantly lower than the net profit of $729 million recorded during the same period the previous year.
According to IDC, global PC shipments in the fourth quarter of 2015 fell by 10.6% to 71.9 million units, with total annual shipments declining by 10.4% to 276 million units—marking the largest drop ever recorded. This surpassed the 9.8% decline seen in 2013 and marked the first time since 2008 that shipments fell below 300 million units.
On the stock market, Lenovo's shares fell 10.19% on the 3rd, closing at HK$6.61, with a yearly decline of 16.01%.
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