Lenovo (00992) smartphone shipments increased by nearly 11% year-on-year, with high-end products accounting for 23% of the total.

On November 16, 2023, LENOVO GROUP announced its financial performance for the second quarter of the 2023/24 fiscal year, ending on September 30, 2023. The company's overall revenue reached 104.4 billion RMB, showing consecutive quarterly growth. The gross profit margin increased to 17.5% compared to the same period last year, reaching a new historical high for the second quarter. The non-PC business accounted for over 40%, increasing nearly 3 percentage points compared to the previous year. Among them, Lenovo Group's mobile device business performed exceptionally well in this quarter, reflecting the global smartphone market's barely stabilizing trend. The smartphone shipment volume increased by nearly 11% compared to the same period last year, while the activation volume increased by 12%. The proportion of high-end products reached 23%. Previously, the Tech Insights Q2 Global Foldable Smartphone Shipment Report showed that Lenovo-Motorola performed exceptionally well in that quarter with its latest moto razr 40 series smartphones. Shipment volume experienced a significant leap, with a year-on-year growth rate of 2135%. It surpassed vendors such as Xiaomi and Honor in terms of market share and ranked fifth globally. In the vertical foldable screen category, it ranked fourth globally. During the same period, global foldable smartphone shipment volume increased by 24% compared to the previous year.