Lenovo Group increased its revenue by 9% year-on-year to $13.8 billion in the fourth quarter of the last fiscal year. In total, the company reported revenue of almost $56.9 billion for the fiscal year.

As for Lenovo Group’s net profit, it reached $248 million in the fourth quarter. A year earlier, this figure was estimated at $114 million. Overall, the company’s net profit for the fiscal year amounted to more than $1 billion.

“The Group’s fourth quarter and second half results demonstrate that Lenovo was able to overcome last year’s industry downturn, capitalize on the huge growth opportunities provided by AI, and accelerate the pace of business development,” Lenovo Group said.

The group expects AI computers equipped with a personal agent based on intuitive interactions, heterogeneous computing, personal knowledge base, connected to an open ecosystem of AI applications with privacy and security protection to grow from the current premium position to the mainstream over the next three years.

The company believes that this will be the beginning of a new cycle of innovation in the industry. Hybrid AI is also driving demand for infrastructure, and customers are increasingly turning to personalized AI solutions and services, including AI consulting, design, deployment, and maintenance.

At the same time, Lenovo Group is optimistic about the prospects for the next year.

“Lenovo will continue to maintain its leadership in AI, invest in innovation, and capitalize on the unique opportunities provided by hybrid AI, accelerating growth and sustained profitability across the business,” the company added.

Lenovo’s Board of Directors has declared a final dividend of 3.8 US cents per share for the fiscal year ended March 31, 2024.