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Lenovo Group reported record first-quarter revenue as booming demand for artificial intelligence infrastructure and AI-enabled devices fueled strong growth across its major businesses, pushing its Hong Kong-listed shares to an all-time high.
Revenue for the three months ended June 30 climbed 43% year over year to a record $26.9 billion. Adjusted profit attributable to shareholders surged 176% to $1.075 billion, exceeding the $1 billion mark for the first time.
AI-related revenue was a major growth driver, rising 60% from a year earlier and representing 35% of Lenovo’s total revenue. The results highlight the technology company’s growing exposure to global demand for AI servers, infrastructure and intelligent devices.
Lenovo shares listed in Hong Kong jumped as much as 7.6% to a record HK$31.26 following the earnings announcement. The stock later traded 3.4% higher at HK$30.02 as of 05:05 GMT.
The company’s Infrastructure Solutions Group delivered particularly strong results, with revenue nearly doubling to $8.5 billion. Its operating margin expanded to 9.1%, while Lenovo’s AI server pipeline reached $54 billion, representing a 157% increase from the previous quarter.
Growth was also recorded in Lenovo’s consumer-focused operations. The Intelligent Devices Group, which includes PCs and smartphones, generated $17.1 billion in revenue, up 27% year over year. Revenue from the Solutions and Services Group increased 28% to $2.9 billion.
Despite the strong operating performance, Lenovo reported a net loss of $609 million, reversing a $505 million profit in the same period last year. The loss was primarily attributed to a $1.69 billion non-cash charge related to the revaluation of warrants.
Looking ahead, Lenovo expects its Hybrid AI strategy to support sustained, multi-year margin expansion despite ongoing component supply pressures. The company said its global scale, resilient supply chain and expanding AI portfolio should help drive continued profitable growth as demand for artificial intelligence technology accelerates.
