HONG KONG, Nov 16 Reuters China39;s Lenovo Group Ltd on Thursday posted a 16 fall in revenue for the three months through September, meeting market expectations, as supply for personal computers PCs continued to outstrip demand.

Lenovo39;s quarterly revenue fell 16 to 14.41 billion from the same period last year, marking the fifth consecutive quarter that the world39;s largest PC maker has suffered a sales decline as it continues to digest excess inventory accumulated during the COVID19 pandemic.

The result compared with the 14.45 billion average of seven analyst estimates compiled by LSEG.

In May, Lenovo reported 14 revenue decline for the year through March, its first annual fall since 2019, following a pandemicinduced boom for electronics manufacturers.

The COVID19 outbreak brought a surge in both enterprise and personal electronics sales as the world embraced remote work. However, revenue started contracting last year as supply began to outstrip demand.

Worldwide PC shipments fell 7 in the second quarter of 2023, showed data from researcher Canalys. Quarterly shipment decline surpassed 30 late last year but the pace has slowed in recent quarters.

To help lift PC sales, Lenovo aims to release its first AI PC or PC that can make use of artificial intelligence AI without the internet in the second half of next year, said Chairman Yang Yuanqing.

We definitely believe that this new category of PC will bring value to our users and customers and boost another round…