IDG, the segment pf Lenovo consisting of the PC, tablet, smartphone and other smart device businesses, posted record revenue.
Lenovo is a global technology powerhouse with revenues of more than $70 billion, ranked 159th on the Fortune Global 500, employing 75,000 people worldwide, and serving millions of customers in 180 markets.
Considering all of its businesses, Lenovo posted revenue of $71.618 million in the fiscal year ended March 31, 2022, up 17.9 percent year-over-year.
In particular, results at IDG were driven by commercial strength, premium segment growth and adjacent non-PC potential.
The company posted record annual revenue in this segment of $62.3 billion after growing 18% year-over-year despite multiple challenges, including supply constraints, weakness in the education segment, and continued Covid-19 lockdowns.
IDG’s operating profit grew 27% to an all-time high of $4.7 billion.
Above all, its PC business remained number one by market share with industry-leading profitability.
According to the company itself, the business honed its growth strategy, including investing in innovations and cultivating strong business demand for the hybrid work model.
The demand for working from home has been a strong driver for sales of premium products, including workstations and ThinkBooks.
The gaming PC segment, which grew revenue 37% year over year, leveraged its strong product portfolio to gain market share in gaming.
IDG made significant progress in non-PC products, with combined revenue growth of 26 percent.
Among non-PC products, the market share gain underscored IDG’s strength in smartphones.
An enhanced product portfolio enabled its smartphone business to capture record market shares in the United States.
Its “5G for all” strategy has paid off, with 5G sales more than tripling in the year in question.