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Lenovo Q4 Profit Plunges 64%, Misses Forecasts Amid Tariff Blow

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Lenovo, the world’s largest PC maker, reported a 64% year-on-year plunge in fourth-quarter net profit, falling far short of analysts’ estimates and triggering a sharp 5.4% drop in its share price on Thursday.

The company blamed the profit collapse largely on a fair value loss on warrants and the unexpected imposition of 20% tariffs on Chinese imports by U.S. President Donald Trump in March, targeting fentanyl-related goods but affecting broader categories.

“The 20% tariffs announced in March were implemented suddenly and left us no time to prepare. It had a significant impact on our numbers in the last quarter – it’s not a small number,” CEO Yang Yuanqing said during an earnings call.

Key Financial Results (Jan–Mar Quarter):

  • Net Profit:
    $90 million, vs. $225.8 million expected (LSEG consensus)
    ↓ 64% YoY

  • Revenue:
    $15.72 billion,
    ↑ 23% YoY, exceeding analyst forecast of $15.6 billion

Business Unit Highlights:

  • Infrastructure Solutions Group (ISG):
    Revenue ↑ 64% YoY, driven by server demand

  • Solutions and Services Group (SSG):
    Revenue ↑ 22%, reflecting strong enterprise cloud software sales

  • Personal Computing (PC):
    Continued global leadership but margin pressure remains amid tariff uncertainty

Tariff Impact and Strategy:

Yang confirmed that Lenovo may raise product prices if tariffs persist. He emphasized that the company’s 30 manufacturing facilities across more than 10 countries provide flexibility to adjust operations and mitigate future trade risks.

Although many U.S.-China tariffs imposed since April were rolled back, the 20% fentanyl-related levy remains, continuing to strain Chinese tech firms like Lenovo.

Market Reaction:

  • Lenovo stock:
    ↓ 5.4%, vs. Hang Seng index decline of 1.3%

Tesla to Resume Shipping Chinese Parts for Cybercab, Semi After U.S.-China Tariff Truce

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Tesla will resume shipping components from China to the U.S. later this month to support the production of its upcoming Cybercab and Semi truck models, according to a source familiar with the matter. The move follows a tariff truce between the U.S. and China reached over the weekend in Geneva, signaling a swift return to cross-border manufacturing cooperation after months of uncertainty.

The temporary resolution of the trade conflict prompted Tesla to reverse an earlier decision to halt component imports due to U.S. tariff hikes to 145% on Chinese goods, which had jeopardized the company’s production timelines for the two flagship vehicles.

Key Details:

  • Component shipments from China will resume by the end of May.

  • Tesla plans to begin trial production of the Cybercab and Semi in October, with mass production slated for 2026.

  • The Cybercab will be produced in Texas, while the Semi will be built in Nevada.

The truce saw the U.S. and China agree to roll back the bulk of tariffs and countermeasures, but sources warn the deal’s stability remains uncertain given the Trump administration’s unpredictable stance.

Tesla has not yet issued a public comment on the development.

Background and Industry Impact

Tesla had previously paused shipment plans, citing the potential cost burden from Trump’s tariff increases. The sudden rollback of trade barriers appears to be a direct response to high-level negotiations and business pressure. Tesla CEO Elon Musk, a known critic of protectionist trade policies, had personally lobbied for reduced tariffs.

“I do believe in free trade and tariffs are a mistake,” Musk said on a recent earnings call, noting that the import duties were hurting Tesla’s capital investment plans.

Tesla CFO Vaibhav Taneja also emphasized that tariffs were slowing domestic factory expansions, as much of the necessary machinery and technology comes from Chinese suppliers.

Production Plans

  • The Cybercab is envisioned as a steering wheel-free robotaxi, priced below $30,000, and aimed at powering a future Tesla ride-hailing network.

  • The Semi, a long-haul electric truck, is years behind schedule, and Tesla now aims to ramp up production in 2026 to fulfill orders from clients like PepsiCo.

The tariff rollback provides Tesla with a critical window to import parts, maintain supply chain continuity, and accelerate next-generation product launches without additional pricing pressure or project delays.