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# Lenovo posted a 24% revenue decline for the third quarter, its largest revenue fall in 14 years
- URL: https://www.techloy.com/lenovo-revenue-decline-q4-2022/
- Published: 2023-02-20T14:42:36.000Z
- Updated: 2023-02-20T14:42:36.000Z
- Author: Emmanuel Oyedeji
- Tags: Mobile, / Insights

Chinese PC maker Lenovo has reported a 24% revenue decline for the third quarter of its FY 22/23, its largest revenue fall in 14 years as global demand for electronics slumped, according to a *Reuters* report.

Revenue fell 24% YoY to $15.3 billion in the third quarter of its financial year 22/23 – three months ended 30th December 2022, from $20.1 billion in the same period in FY 21/22, the results trailing an average analyst estimate of $16.39 billion, according to *Refinitiv*.

In the third quarter report, net income also dropped to $437 million from $640 million the in the quarter, marking a 46.5% YoY decrease.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2023/02/Lenovo-Group-quarterly-revenue-and-YoY-growth--Q1-2019---Q4-2022---2-.png)

Embattled by the "severe downturn" in global demand for electronics, the world's largest maker of personal computers (PCs) has said also it would look to make workforce adjustments – rivals including [Dell](https://www.techloy.com/dell-layoffs-2023/) and [HP](https://www.techloy.com/hp-layoff-10-percent-workforce/) have also announced plans to cut workforce due to similar reasons.

This is part of its effort to reduce its run rate operational expenses by approximately $150 million to achieve a medium-term goal of doubling net margin, its chief financial officer, Wong Wai Ming, added.

However, in its outlook for this year, the Group expects year-on-year growth to resume in the second half of the calendar year with end-user PC demand projected to be higher than pre-Covid levels.