Lenovo has suffered a lot in its final results for fiscal year 2023 due to lower PC sales, resulting in a total turnover of $62 billion (57.7 billion euros), a 14% decrease from the previous year’s $71 billion (66 billion euros). However, the tech giant expects the PC market to pick up again soon, with the trend of declining sales believed to have stabilized and to increase in the second half of this year.
Lenovo was much more positive about its other market segments. Turnover from ICT services, the Solutions and Services Group (SSG), rose by 22% to $6.7 billion (6.2 billion euros), with IT services expected to further increase in the near future. The Infrastructure Solutions Group (ISG) also saw an increase in turnover, with almost $10 billion (9.3 billion euros) reported in fiscal year 2023, a 37% increase from the previous year. Lenovo’s storage applications in particular posted record sales, with the tech giant expecting sales in this market segment to continue to grow in the coming years due to companies investing in upgrading or renewing their ICT infrastructure, with most revenue expected from edge applications, followed by storage applications and server infrastructure.
