Lenovo shares jump nearly 20% on record earnings as AI revenue nearly doubles

Chinese multinational technology company, Lenovo logo seen in Shenzhen. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)

Shares of Lenovo surged 19.32% on Friday, after the personal computer and electronics giant posted strong revenue growth powered by its growing artificial intelligence business.

Group revenue for the March quarter reached $21.6 billion, up 27% year-on-year — the highest growth rate in five years for the Hong Kong–based Chinese multinational company. Net income grew by nearly a factor of six to reach $521 million. Full-year results reached a record.

The standout performer was AI-related revenue, which surged 84% in the fourth quarter to account for more than a third of total group revenue. The category includes devices such as PCs and smartphones with neural processing units, servers with graphics processing units, and services.