Lenovo’s Quarterly Revenue Falls for First Time in Two Years

What’s new: Chinese consumer-electronics giant Lenovo Group Ltd. reported that its third-quarter revenue slipped 4.4% year-on-year to $17 billion, due to weak global demand and the yuan’s depreciation.

It’s the first revenue decline recorded by the world’s No. 1 PC vendor since the start of the Covid-19 pandemic in the first quarter of 2020.

Lenovo’s Thursday financial statement showed that net profit attributable to shareholders rose 5.7% year-on-year to $541.2 million, compared with 10.7% and 58.4% growth in the previous two quarters, respectively.