China’s Lenovo posts first revenue decline in 10 quarters as market hits brakes By Reuters

© Reuters. FILE PHOTO: A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo

By Josh Ye

HONG KONG (Reuters) – China’s Lenovo Group (OTC:) (0992.HK) reported its first revenue decline in 10 quarters as a pandemic-fuelled sales boom comes to an end and production remains hamstrung by COVID-19 lockdowns at home.

Lenovo’s total revenue during the July-September quarter was $17.09 billion, down 4% from the same quarter a year ago, the company said on Thursday, but coming above an average Refinitiv estimate drawn from seven analysts.