Lenovo Yang Yuanqing: the adjustment of the personal PC market is coming to an end, and the smart device market stabilizes in the second half of the year.

Lenovo released its annual report today. Yang Yuanqing, chairman and CEO, said on the personal PC market that although the personal computer market has been weak due to channel inventory adjustment in the past few quarters, the adjustment is coming to an end.

According to the financial report, IDG achieved revenue of 337.9 billion yuan for the whole fiscal year. Lenovo is focusing on destocking and has made some progress in reducing channel inventory, with full-year inventory down 24% from a year earlier.

Yang Yuanqing believes that the trend of shipments and activation of the personal PC market will be more and more consistent, and the entire smart device market is expected to stabilize in the second half of this year. On the other hand, IT services will return to higher growth and lead the entire IT market to return to moderate growth in 2023. In the medium to long term, the transformation of digitization and intelligence will continue to accelerate, and the demand for cloud computing and even the entire computing infrastructure will grow rapidly.

At noon today, Lenovo announced the results for the full year and the fourth quarter of the fiscal year ended April 30, 2023: revenue of 424 billion yuan and net profit of 12.9 billion yuan, while revenue of 86.5 billion yuan and net profit of 1.9 billion yuan in the fourth quarter.