Lenovo Group Ltd

00992: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lenovo Earnings: Profitability Concerns Loom Over the Server Business, but PC Business Still Strong

Kazunori Ito , Jing Jie Yu

Aug 15, 2025

Lenovo's June-quarter revenue grew 22%, driven by continued strong growth in PC and server demand. However, operating margins dropped to 3.4% from 3.7% a year ago, on a non-HKFRS basis, which excludes warrant revaluation gains. Shares fell 6% on the day of the announcement.

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Lenovo Group Ltd

Lenovo Earnings: Profitability Concerns Loom Over the Server Business, but PC Business Still Strong

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