Q1 2024: Lenovo-Motorola: Growth and Profitability Together, Asia Looks Bright
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Lenovo-Motorola’s global smartphone shipments grew a strong double digit 22% YoY in Q1 2024 outperforming the global smartphone market which grew 10% YoY. The growth is driven by strong performance in its key markets like USA, Mexico plus strong triple digit annual growth in India. For the quarter, Motorola registered growth among all key regions except Central and Latin America where it remained flat YoY. India’s Moto shipment grew in triple digits and remained ahead of Mexico capturing second position as the first position is jointly enjoyed by USA and Brazil. Globally, the market share of Motorola in global smartphone market stood at 4%. Wholesale revenue grew 19% YoY less than shipment growth driven by wholesale ASP decline of 3% YoY amid only G series launches this quarter.
