Lenovo's annual revenue climbed by 20 percent in the fiscal year ending March 31, according to data provided by TradingPlatforms.com, while the company's net profit increased by 60 percent year over year to $1.3 billion.

Lenovo Group Ltd, the world's largest personal computer manufacturer, had a phenomenal FY 2021, with record revenue and net profit. Lenovo is focusing on smartphones in particular to counteract a fall in its once-dominant personal computers (PCs) as users shift to mobile devices.

In January, Lenovo agreed to buy IBM Corp's (IBM.N) low-end server business and Google Inc's (GOOGL.O) Motorola Mobility smartphone unit in two separate acquisitions totaling a total of $5.2 billion, putting it in direct competition with Apple (AAPL.O) in the United States.

Over the previous ten years, the Chinese multinational IT giant has steadily increased its share of the worldwide PC industry, despite the fact that PC unit sales have varied. Lenovo now supplies hi-tech products and solutions to millions of clients in 180 countries across the world.

Despite the fact that the company had been developing steadily prior to the pandemic, the worldwide digital transformation fueled by the COVID-19 considerably accelerated its expansion.

Lenovo made $50.7 billion in revenue in fiscal year 2020, which concluded in March 2020, according to the company's annual report. During the lockdowns, however, millions of individuals worked from home and spent more time online, bringing the total to $60.7 billion in FY 2021.

In FY 2021, Lenovo's PC division earned 80 percent of the company's sales, about the same as the year before. However, the mobile segment's revenue share decreased from 11 percent in FY 2020 to nine percent in FY 2021.

Lenovo's net revenue grew even more impressively during the COVID-19 problem, according to statistics. The corporation made a net profit of almost $805 million in fiscal year 2020. In the fiscal year ending March 31, 2021, this amount soared to approximately $1.3 billion, the greatest yearly profit in the company's history.

According to a Gartner survey, Lenovo shipped 68.3 million PCs in 2020, up from 63 million in 2019. Last year, HP shipped 58 million PCs, making it the second-largest competitor in the industry. Dell came in second with about 45 million annual PC shipments.

Lenovo's PC sales continue to rise this year after a good 2020. Between January and March, the IT giant shipped over 17.5 million PCs around the world, a staggering 42 percent increase over the previous year. In addition, according to statistics, the corporation had a 25 percent global PC market share in the first quarter of 2021, up from 23 percent a year ago.

Lenovo controls 25percent of the global PC market, with 17.5 million units shipped in the first quarter of 2021.

Even as the market stagnated, the company said PC profit margins have increased in China. It claimed a 24 percent increase in PC shipments in the EMEA region, and a 27 percent increase in the Americas.

Despite shipments increasing 72 percent year over year to more than 50 million units globally, Lenovo continues to encounter issues with smartphones. The company's margins are razor-thin, and China, where it shipped 89 percent of its handsets last fiscal year, is one of the most competitive marketplaces on the planet.