HONG KONG: China's Lenovo Group on Thursday posted a worse-than-expected 24% fall in revenue for the April-June quarter, hit by a prolonged slump in global demand for personal computers.

It marks the four consecutive quarters that the world’s largest PC maker has experienced a sales decline and comes after Lenovo reported a 14% drop in annual profit for the year ended in March, its first annual decline since 2019.

Revenue in the April-June quarter fell to $12.9 billion, below a $13.84 billion average of seven analyst estimates compiled by Refinitiv.

The COVID-19 pandemic gave a huge boost to electronics sales as consumers and companies alike stocked up on equipment or upgraded existing gear to accommodate a shift to remote work. However, revenue started contracting last year as demand began to fall, weighed down by rising interest rates and soaring inflation.

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