Lenovo’s PC Boom Puts Pressure On Dell, HP

The market leader said it saw its best PC sales in the last 15 quarters, while Lenovo’s overall revenue hit a first-quarter record of $18.8 billion.

Lenovo is emerging as the biggest winner so far of the 2025 PC refresh, reporting 19 percent revenue growth in that category during its most recent quarter as it extended its lead for market share to nearly 25 percent, a record.

Lenovo said the numbers represent the biggest jump in PC sales in 15 quarters as the devices delivered $13.5 billion in revenue for the quarter ended June 30.

The Beijing and Morrisville, N.C.-based device maker also took its largest-yet share of the PC market in capturing 24.6 percent of all PC shipments globally, the company said citing market research firm IDC.

Across all of Lenovo’s businesses — PCs, smartphones, infrastructure, and services — Lenovo’s sales were $18.8 billion, up 22 percent year over year, which the company said was an all-time high for its first quarter.

“Lenovo has started our fiscal year strong with record-breaking results,” Lenovo chairman and CEO Yuanqing Yang told investors during an August 14 earnings call. “This is a remarkable achievement amid the challenges of tariff volatility and the geopolitical landscape.”

The growth is buoying Lenovo channel partners, one of whom told CRN that customers are finally feeling the pressure to upgrade their PCs to Windows 11 compatible devices before October.

“We love Lenovo,” Michael Goldstein, president and CEO of LAN Infotech, a Fort Lauderdale, Fla.-based solution provider, told CRN. “Their MSP program has been amazing for us. Very easy deal registration, and discounted pricing. With Windows 10 end of life approaching very fast, people are starting to take notice.”

Lenovo also saw big growth inside its infrastructure unit where the sale of servers grew 36 percent year on year to $4.3 billion for the quarter as the company won deals among cloud service providers, inside AI-focused data centers, as well as several enterprise wins within advertising, retail, and finance, the company announced on the August 14 call.

The company’s flagship Neptune liquid-cooled servers, which incorporate Nvidia’s Blackwell GPU chips and remove heat without fans for 30 percent improved power efficiency, saw 30 percent revenue growth during the quarter.

“These record Q1 results underscore our ability to deliver on our promise to preserve competitiveness and continuously grow our business,” Yang said. “Looking ahead, we will continue to firmly execute our hybrid AI strategy towards the vision of smarter AI for all, relentlessly drive innovation in personal AI and enterprise AI products and solutions and consistently strengthen our operational competitiveness so that we can realize sustainable growth and profitability improvement.”

Dell And HP Next Up

Lenovo’s two leading competitors in the PC space each report earnings next week, which will give industry watchers insight into whether the Windows 11 refresh has given way to more PC sales.

IDC’s most recent global PC shipment numbers for the second quarter provided to CRN on Wednesday show Lenovo’s share standing at 24.6 percent, with HP closing in with 20.8 percent and Dell in third at 14.2 percent.

With its focus on PCs, printers, and services, HP – which reports earnings on Aug. 27 – has maintained a number two spot with 14.2 million units shipped and gained 4.5 percent share, according to IDC.

The company has been relentlessly focused on mitigating supply-chain issues heading into this year and announced that it has moved 90 percent of the production for North American-bound PCs out of China, with some of that landing stateside, HP CEO Enrique Lores said during the company’s May earnings call.

Dell, meanwhile, has lost ground in PCs where it ranks third at 14.2 percent with 9.7 million units shipped during the second quarter. During the company’s May earnings call, the company’s commercial business grew 9 percent last quarter, but its consumer PC sales were down 19 percent year over year. The company does still hold a number one IDC spot in terms of North American commercial PC sales.

The Round Rock, Texas-based company recently transferred the head of its Client Solutions Group, which oversees its PC business, to a role in strategy, and placed COO and vice chairman Jeff Clarke in charge of PCs.

One partner told CRN they saw this move as Dell taking a “bare knuckles” approach to winning back share among PCs.

“Jeff is going to go bare knuckles,” said Bob Venero, CEO of Future Tech, a Fort Lauderdale, Fla.-based Dell Global Titanium partner that does business in 37 countries. “When you have somebody who’s kind of that SWAT leader, that can come in and any aspect of the business and be able to move mountains, they’re a key to the success of it. Especially someone who’s been there as long as Jeff.”