Leading PC vendor Lenovo reported revenue of $17.09 billion with a 4.36% yearly fall in the quarter that ended Sept. 30 on Thursday. It is the firm’s first time experiencing a yearly revenue decline since the end of March 2020. Nevertheless, net profit increased 6% yearly to $541 million in the reported quarter and the figures still beat analysts’ average estimations, according to Bloomberg. If free from exchange rate changes, the revenue of the quarter ended Sept. 30 actually grew 3% year-on-year, according to Lenovo CEO Yang Yuanqing. “An extended macroeconomic overhang will likely lead to another down year for the PC market in 2023, though there’s scope for a rebound later in the year and potential for a return to growth in 2024,” a Bloomberg analyst predicted. “We’ve trimmed our 2023 PC-shipment target by 1% to 281 million, which implies a 3% unit drop,” the analyst added. Lenovo is the top PC vendor in the world, accounting for 22.7% of the global PC market in the third quarter of this year. Apple was the only other PC maker in the top five to not see a yearly fall in shipments, according to IDC. [Caixin, in Chinese]