Lenovo Group Ltd (0992.HK) of China reported a 24% drop in revenue for the January-March quarter, confirming market predictions, as demand for personal computers (PCs) remained weak.

The world’s top PC manufacturer reported fourth-quarter revenue of $12.63 billion, a 24% decrease from the same time a year ago and the third straight quarter of on-year drop.

The figure was higher than the $12.74 billion average of eight analyst expectations provided by Refinitiv.

Revenue fell 14% year on year through March, the first yearly fall since 2019.

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