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Investing.com-- Shares of Lenovo Group (HK:0992) surged to a record high on Tuesday after the world’s largest PC maker posted stronger-than-expected quarterly earnings, fueled by robust demand for AI servers and a rebound in the personal computer market.
Hong Kong-listed Lenovo shares jumped 18% to HK$18.7 -- their highest level ever, adding to a 20% surge on Friday after the company reported a 27% rise in quarterly revenue that topped analyst estimates.
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The company said revenue for the March quarter rose to $21.6 billion, while net profit surged 479% to $521 million.
Lenovo’s infrastructure solutions business, which includes AI servers and data-center products, posted 37% revenue growth, making it the company’s fastest-growing segment amid booming demand for artificial intelligence computing.
Its core PC, tablet, and smartphone division was helped by resilient consumer demand and market share gains ahead of expected price increases linked to memory chip shortages.
Lenovo said AI-related revenue rose 105% during the year and accounted for one-third of total group revenue, driven by strong growth in AI devices, infrastructure, and services.
