Lenovo, touted as the fastest growing major smartphone vendor in the closing months of 2021, has outlined plans to launch devices in new markets and up investment in activities around IoT and the metaverse.
The Motorola Mobility parent detailed plans to sell mobile devices in more countries in the EMEA and APAC regions, after recording rapid growth in its key North and Latin American markets during its fiscal Q3 2021/22 (calendar Q4 2021).
Lenovo noted a 133 per cent year-on-year increase in North American smartphone revenue and 25 per cent in Latin America during the quarter.
Revenue for the segment across all markets was up 46 per cent to $2.2 billion, with operating profit at $89 million compared with $65 million in the same quarter the previous year.
Alongside targeting new countries for its mobile devices, Lenovo plans to up investment in development of products related to IoT, metaverse, smart home and business collaboration.
Across the whole company, which also includes divisions in IT infrastructure, PCs and services, revenue was up 16 per cent to $17.6 billion.
Net income was $640 million, up 62 per cent.