Technology
Lenovo Records Strong Double-Digit Growth in Quarterly Revenue
By Modupe Gbadeyanka
Lenovo Group has announced results for its first fiscal quarter ended June 30, 2018. For the second straight quarter, Lenovo achieved strong double-digit growth in revenue year-on-year.
Group revenue reached $11.91 billion, up 19% year-on-year. The company also reported strong pre-tax income during the quarter of $113 million, an improvement of $182 million year-on-year, as profitability improved across all businesses.
In the first fiscal quarter, Lenovo’s profit attributable to equity holders grew to $77 million, up $149 million year-over-year. Basic earnings per share in the first fiscal quarter was 0.65 US cents or 5.10 HK cents.
“As we persistently execute our 3-wave strategy, all our businesses made solid improvements in both revenue and profitability. Lenovo has passed the turning point and entered a phase of ‘acceleration’ – accelerating the execution of our transformation strategy and accelerating the rising momentum in business performance,” said Yang Yuanqing, Lenovo Chairman and CEO.
“In the future, we will maintain industry leading profitability and premium to market growth in PCs; return the smartphone business to health; build the data center business into a sustainable growth and profit engine, and continue to invest in ‘Smart IoT + Cloud’ and ‘Infrastructure + Cloud’ to drive long term sustainable return.”
With this Q1 FY2018/19 earnings report, Lenovo has turned a corner in its transformation and enters a new phase of growth, thanks to meaningful progress on its strategy and focus on “Intelligent Transformation” during the quarter. Lenovo’s decisive steps to consolidate key businesses into a streamlined, integrated enterprise, along with an emphasis on dynamic revenue generators, are quickly yielding significant returns.
Last quarter, Lenovo announced the creation of its new Intelligent Devices Group (IDG), combining its Personal Computer and Smart Devices Group with its Mobile Business Group. Rethinking the ways these units and their devices interact and impact customers led to IDG’s double-digit, quarterly revenue growth year-over-year, and PC unit market share gains in every geography.
At the same time, Lenovo is not only driving, but capitalizing on, global growth trends in both software and services.
Lenovo’s key business units each tallied significant growth and market strength during the quarter: The Intelligent Devices Group is energized by the synergy of shared platforms and resources, delivered a strong revenue growth of 14% year-on-year, amounting to $9.95 billion.
During the quarter, the PC and Smart Devices (PCSD) business under IDG delivered strong double digit revenue growth for the 2nd consecutive quarter, growing 19% year to year while maintaining industry leading profitability of 5%. Lenovo is the fastest growing player (by units) among the Top five global PC makers and returned to the global PC number one leading position according to Gartner. Outside of the core PC business Lenovo continues to invest in growing its portfolio of smart devices including smart home; smart office and AR/VR.
The Mobile Business Group (MBG) under IDG improved significantly during the quarter thanks to three key measures. Firstly, the group reduced operating expenses by more than US$100 million; secondly introduced a refined product portfolio and thirdly focused on selected markets where the company can compete profitably. With the refined product portfolio in place, the company focused on mainstream segments and successfully launched Moto G and E during the quarter. Revenue and volume continued to strengthen in Latin America in particular, outgrowing the market in both for seven quarters. In North America, Lenovo’s mobile volume nearly doubled year-on-year thanks to the right scaling strategy to expand to all four major carriers.
Building on a strong Q4, Lenovo’s Data Center Group (DCG) further accelerated its momentum, reporting another record revenue quarter of US$1.6 billion, the third consecutive quarter of double-digit revenue growth, and up 67.8% compared to the same quarter a year earlier. The record high revenue was driven by growth in Software Defined Infrastructure, High Performance Computing & A.I businesses and Hyperscale. Lenovo’s software-defined products, led by the new ThinkAgile brand, once again drove more than triple-digit growth year-on-year, and along with the announcement of the new ThinkAgile CP for next-generation composable cloud infrastructure. The Hyperscale business also grew by triple-digits year-on-year while improving gross profit and diversifying the customer base. Traditional infrastructure continued on a positive trend and flash-based storage solutions showed strong momentum at 42% YOY growth. This quarter also saw Lenovo surpassing HPE to become the #1 supercomputer provider on the TOP500 supercomputing list for the first time, with 117 systems.
With an eye to the future, Lenovo’s Capital and Incubator Group (LCIG) continues to invest and build the Group’s next-generation IT capabilities in AI, IoT, Big Data and VR/AR across various sectors such as manufacturing, healthcare and transportation.
Technology
Interswitch Concludes TechConnect 4.0 Series
By Adedapo Adesanya
African integrated digital payments and commerce company, Interswitch has concluded the fourth edition of its TechConnect series, marking the culmination of an impactful journey across five major Nigerian cities including Enugu, Asaba, Abuja, Ibadan, and Lagos.
The grand finale, which was held at Classique Event Place, Oregun, Lagos, epitomised Interswitch’s commitment to shaping the future of financial services in Africa. The series served as a powerful platform for advancing high-level discussions on technology, innovation, and financial inclusion, fostering collaboration across the financial services ecosystem.
The event was a fitting climax to a series that brought together industry leaders, policymakers, fintech innovators, and microfinance practitioners, who gathered to explore the vital role of technology in driving financial inclusion and economic growth across Africa. Throughout the series, Interswitch has reinforced its mission to build digital solutions that provide equal access to financial services for individuals, businesses, and institutions.
Delivering his keynote address, Mr Akeem Lawal, Managing Director, Payment Processing & Switching, Interswitch Purepay, highlighted the transformative potential of digital payment solutions:
“At Interswitch, we are deeply committed to financial inclusion, recognising that digital payment solutions are pivotal in expanding access to underserved populations. By enabling broader participation in the economy, we believe we can create a rising tide that lifts all boats, empowering individuals, businesses, and financial institutions alike.
“Our vision is simple yet profound: to power a seamless, connected payment ecosystem across Africa, turning challenges in the payments landscape into opportunities for economic growth and shared prosperity,” Mr Lawal.
The Lagos finale featured a fireside chat themed “Regulating New Technologies: Strategies for Innovation and Compliance, Harmonising Regulatory Frameworks and Risk-Based Approaches.
The speakers emphasised the critical role of collaboration between regulators and industry players in navigating the rapidly evolving technology landscape.
They also highlighted the importance of designing regulatory frameworks that balance innovation with compliance to create a sustainable fintech ecosystem.
Two thought-provoking panel sessions enriched the discussions at the event, offering diverse perspectives on critical industry topics. The first session, themed “Navigating the Future of Financial Services: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth,” focused on leveraging compliance, technology, and collaborative efforts to address fraud challenges while unlocking new growth opportunities.
The second session, themed “Building Financial Resilience: The Intersection of Commercial & Microfinance Banks, Fintechs, & OFIs in Fostering Growth within the Financial Services Sector,” explored strategies for fostering resilience and growth through synergy between financial institutions and fintechs.
A special highlight of the event was the presentation of awards by Interswitch to Zenith Bank, Access Bank, First Bank, UBA, and Fidelity Bank in recognition of their exceptional performance and significant contributions to the financial ecosystem. Moniepoint, Opay, Paystack, VFD Microfinance Bank, Lapo Microfinance Bank, and several others were also honoured for their impactful roles in advancing the sector.
The TechConnect series traversed Nigeria’s key financial hubs, showcasing the transformative power of technology and digital payments in promoting financial inclusion. At each stop, participants engaged in hands-on demonstrations of cutting-edge digital solutions, gaining practical insights into the tools and strategies redefining the financial services landscape.
The series underscored Interswitch’s strategic vision of financial transformation, providing a platform for stakeholders to address challenges and opportunities in the sector. The events successfully reflected regional priorities while reinforcing the company’s overarching commitment to innovation and resilience across Nigeria.
“As the TechConnect 4.0 series concludes, it has not only left a lasting impact on Nigeria’s financial landscape but also set a clear direction for future initiatives aimed at integrating technology and financial services across Africa. Interswitch remains unwavering in its commitment to fostering partnerships, supporting innovation, and promoting financial inclusion to empower communities and drive economic growth,” the company said in a statement.
“Looking ahead, Interswitch continues to lead the charge in shaping the future of Africa’s financial ecosystem by delivering solutions that unlock potential, empower underserved populations, and create sustainable growth across the continent,” it added.
Technology
Salesforce Unveils Agentforce Testing Centre
By Aduragbemi Omiyale
An American cloud-based software firm, Salesforce, has introduced agentic lifecycle management tools to automate Agentforce testing, prototype agents in secure Sandbox environments, and transparently manage usage at scale.
The Agentforce Testing Centre will allow teams to test Agentforce using synthetically generated data, ensuring accurate responses and actions — with complete monitoring of usage and feedback
It was stated that the new Agentforce Testing Centre will test topic and action selection at scale by using natural language instructions to auto-generate hundreds of synthetic interactions — such as requests a customer may make when engaging with Agentforce Service Agent — and then test them in parallel to see how frequently they result in the right outcome.
In addition, teams can then use the test data to refine instructions so the expected topic is more frequently selected, improving the end customer experience.
AI agents are a new paradigm in software. They are intelligent systems that can reason and act on behalf of customers and employees. But to realise their full potential, agents need to be tested and configured without disrupting live production environments.
This new toolchain — the first of its kind in the industry — will enable teams to test, deploy, and monitor AI agents with Agentforce at scale, with confidence, enabling every enterprise to become “agent-first.”
“Agentforce is helping businesses create a limitless workforce. To deliver this value fast, CIOs need new tools for testing and monitoring agentic systems,” Salesforce’s Director of Solutions Engineering Africa, Ms Linda Saunders, said.
“This new category of Agentic Lifecycle Management requires unique tools, and Salesforce is meeting the moment again with Agentforce Testing Centre, which will help companies roll out trusted AI agents with no-code tools for testing, deploying, and monitoring in a secure, repeatable way,” she added.
Technology
Jump n Pass, Others Win N77.5m at 2024 Zenith Bank Hackathon
By Aduragbemi Omiyale
Ten startup finalists of the 2024 Zenith Bank hackathon have received the sum of N77.5 million in cash prizes to help them scale up their businesses.
The winner of the competition, Jump n Pass, went home with N25 million at the fourth Zenith Tech Fair held on Thursday, November 21, 2024, at the Eko Hotels and Suites, Lagos.
The self-checkout technology solution reshaping the retail landscape in Africa emerged as the winner of the over 1,700 contestants who participated in the hackathon.
In addition to the cash prize, the company and others will enjoy a six-week mentorship and incubation programme designed to help them grow and scale effectively, which will run from December 2024 to February 2025.
The first runner-up, CreditChek, a credit and verification service provider which leverages Artificial Intelligence (AI) and open banking to streamline income and credit history verification for financial institutions, won N20 million and a mentorship programme, while the second runner-up, Salad Africa, a start-up which offers seamless integration of credit products for digital platforms and software companies won N15 million as well as a mentorship programme.
Other finalists who took home N2.5 million each included Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, and Kitovu.
The chief executive of Zenith Bank, Ms Adaora Umeoji, while speaking at the fair themed Future Forward 4.0: Embedded Finance, Cybersecurity and Growth Imperatives – The Impact of AI, explained that, “This prestigious annual event was created to empower and nurture young fertile minds.”
She expressed optimism that the programme will “produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs and Elon Musk” in the near future.
In his goodwill message, the Governor of Lagos State, Mr Babajide Sanwo-Olu, called for a global approach to doing business in the country.
“What we need to do is to be able to enhance our product and services in order to compete in the world. We can’t continue to act locally, we need to think globally.
“Anything that we’re doing now, we need to be able to know that we are not just serving a local market, we actually want to serve the global market, and that’s why I’m glad that consistently, for the past four years, I have kept up with the Zenith Tech Fair.
“I am sure 5.0 should be bigger and better than what we have today, but for us as a government, what we need to do is to continue to use platforms like this to reassure you of our readiness to provide an enabling environment for your ideas and innovative solutions,” he stated.
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