Technology company Lenovo rose 52 places to rank No. 196 in Fortune’s Global 500 list, which identifies the world’s largest companies by revenue. The company also placed No. 13 among technology firms in the 2024 edition of the list.
This year marks Lenovo’s 16th appearance in the ranking and its highest placement in the technology sector, so far. The company reported revenue of $69.1 billion in fiscal year 2024/25, up 21% from the previous year. Net income grew 36% to $1.4 billion, based on non-Hong Kong Financial Reporting Standards.
The company said the higher ranking reflects its clear growth strategy, global operations, ODM+ manufacturing model, and local delivery approach. Lenovo operates more than 30 manufacturing sites across 11 markets worldwide, giving it what it described as flexibility to manage risks and adapt to changing market conditions.
Lenovo also reported a 13% increase in research and development spending in the past fiscal year. The company said this supports its hybrid AI strategy and reinforces its focus on innovation in what it calls the “AI decade.”