Asia Tech Wire (May 23) -- Chinese PC maker Lenovo Group Ltd (0992.HK) has successfully weathered the industry's down cycle, its chairman and CEO Yuanqing Yang said in a letter to all employees.

Lenovo on Thursday reported results for the full year ended March 31, 2024, with revenues of $56.864 billion, down 8% year-on-year.

The PC maker's net profit for the fiscal fourth quarter ended March 31 rose 118% year-on-year to $248 million.

Yang issued a letter to all employees, saying that the company has successfully weathered the industry's down cycle and is capitalizing on new growth opportunities.

He said Lenovo shared its hybrid AI strategy last year, and this year it demonstrated its 3S full-stack AI capabilities by releasing its first AI-personalized PCs for the Chinese market.

"Such rapid progress gives us confidence for the new fiscal year," Yang added.