On May 23, Lenovo Group announced the fourth quarter and full year results for the 2023/2024 fiscal year. Among them, the fourth fiscal quarter performed well, with revenue of 99.4 billion yuan, up nearly 10% year on year; main business fully resumed growth, with net profit of 1.78 billion yuan, up 118% year on year;
Lenovo Group CFO Huang Weiming said that SSG Solution Service Business Group's annual and fourth quarter revenue performance reached new record highs. Annual revenue and operating profit increased 12% and 11% year-on-year respectively, contributing to the consolidated profits of the three major business groups to record highs, highlighting its key role as the group's main profit driver. The Solution Services Business Group maintained its growth momentum in the fourth fiscal quarter, with 12 consecutive quarters of double-digit year-on-year revenue growth.
Pay-as-you-go TruScale services continue to be sought after, and contract signing increased by double digits year over year. A major device-as-a-service deal was also signed in the fourth fiscal quarter, the largest deal for digital workplace services to date. During the year, the Solution Services Business Group won its largest infrastructure-as-a-service deal across a broad ecosystem of partners and won its largest asset recovery services deal in the field of superior data security.
The Solution Services Business Group is actively using artificial intelligence to enrich its service portfolio to meet the changing needs of customers. Two notable additions to the portfolio are AIDiscover and AIFastStart, AI-native services designed to help customers deploy AI technology safely and efficiently in hybrid environments.