Lenovo Group Ltd

00992: XHKG (HKG)

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Lenovo Earnings: Concerns Remain Over Tariffs, Though We See Limited Impact; Lower Fair Value by 2%

Kazunori Ito , Jing Jie Yu

May 23, 2025

Lenovo’s sales for the March quarter increased 23% year over year, driven by robust shipments of servers and PCs. However, operating margin fell to 2%, compared with 3.5% a year ago, due to the tariff impact and warrant revaluation losses. Shares dropped 5.4% the day after the announcement.

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Lenovo Group Ltd

Lenovo Earnings: Concerns Remain Over Tariffs, Though We See Limited Impact; Lower Fair Value by 2%

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