Indian officials are exploring ways to lower tariffs on a wide range of imports, including cars and chemicals, in a bid to evade US President Donald Trump’s threatened reciprocal levies, according to people familiar with the matter.
Officials in New Delhi are discussing reducing duties for automobiles, some agricultural products, chemicals, critical pharmaceuticals, as well as certain medical devices and electronics, the people said, asking not to be identified as the plans aren’t finalized.
The proposals would go much further than previous tariff reductions already unveiled by Prime Minister Narendra Modi’s administration in recent weeks, like on high-end motorcycles and bourbon whiskey — goods exported by the US to India, but while politically important for Trump, aren’t sold in large volumes in the South Asian nation.
India’s Ministry of Commerce and Industry didn’t immediately respond to a request for further information.
New Delhi is hoping such efforts will help India close a trade deal with the US by the fall, a goal set by both countries at the Modi-Trump summit earlier this month in Washington. While officials don’t expect that deal to be finalized by April — when Trump’s planned reciprocal levies may begin — they’re hopeful progress toward an agreement may shield India from those duties.
Indian officials are examining the country’s existing tariff regime from multiple angles. Among the options under consideration is whether to reduce overall average tariffs or take a more sector-by-sector approach, the people said. Separately, India’s Ministry of Commerce and Industry set up a team that’s taking feedback from other ministries and stakeholders on the potential impact any reciprocal tariffs might have, some of the people said. Some sectors aren’t expected to see any tariff reductions, including dairy products, they said.
The efforts underscore the lengths New Delhi is going to preserve access to its largest trading partner and accommodate US demands for a more equal playing field in trade. India charges among the highest tariffs in the world, making it particularly vulnerable to Trump’s vow to charge like-for-like duties on its exports.
Weapons purchases
The US has already said it wants to sell more energy and weapons to India — products that are largely supplied to India by Russia. Other products Washington also hopes to add to the list include industrial goods, automobiles and agricultural products, according to people familiar with the matter. India is preparing a list of products that it buys from other countries but not the US, and is evaluating whether it can buy more such products from America, people familiar with the matter said.
Trump signed a measure Feb. 13 directing his administration to propose a round of so-called reciprocal tariffs that could remodel America’s trading relationship with the world.
“Under Trump’s proposed reciprocal tariffs, all kinds of presumed unfair trade actions can be added to the tariff calculation,” said Deborah Elms, head of trade policy at the Hinrich Foundation. “It remains to be seen exactly how this all plays out, but India is certainly at risk of facing high tariffs into the US in the near term.”
To be sure, moves to roll-back India’s tariff regime are likely to face challenges. Some officials are concerned that across-the-board cuts could lead to a flood of cheap Chinese imports, swamping domestic industry. To check against that prospect, Indian officials are exploring measures such as non-tariff trade barriers like tighter quality standards and anti-dumping duties.
At the Trump-Modi summit, both sides agreed to seal a trade deal and signaled plans to boost trade between the two countries to $500 billion by 2030, up from $127 billion in 2023. The US has for years been cultivating closer links with India, which it sees as a counterweight in the region against a more assertive China. Bloomberg
The abandonment of the match means that Australia will advance to the semifinals with four points, while Afghanistan’s hopes of reaching the semifinals of Champions Trophy 2025 are hanging by a thread.
For Afghanistan to qualify, South Africa must lose to England by a significant margin as the Hashmatullah-led side’s Net Run Rate (NRR) of -0.99 further complicates their chances. Even if South Africa loses to England, Afghanistan’s poor NRR might still prevent them from qualifying.
Chasing a challenging target, Australia got off to a flying start as they scored 90-1 in the first powerplay.
Openers Matt Short and Travis Head got off to a flying start, scoring 44 runs within no time Matt Short departed in the fifth over with the score at 44. Travis Head, who was joined by Australian captain Steve Smith, continued to propel Australia’s innings before the rain forced the abandonment.
The duo added 65 runs for the second wicket before the rain interrupted the match with Steve Smith and Travis Head unbeaten at 19 and 59, respectively.
Travis Head smashed nine fours and a six in his 59 off 40 deliveries.
Earlier, Sediqullah Atal and Azmatullah Omarzai scored fifties as Afghanistan set a 274-run target for Australia in their Champions Trophy 2025 game
After electing to bat first, Afghanistan received an early blow as opening batter Rahmanullah Gurbaz was castled by Spencer Johnson on a duck in the very first over.
Sediqullah Atal then joined his opening partner Ibrahim Zadran and the two took Afghanistan to 70 before the latter fell on 22.
Rahmat Shah (12) was the next batter to depart, leaving the side at 91 over the loss of three wickets.
Meanwhile, Sediqullah Atal completed his fifty and shared a 68-run partnership with captain Hashmatullah Shahidi.
Atal was dismissed after scoring 85 runs while Shahidi scored 20 off 49 balls before his dismissal in the 36th over.
Mohammad Nabi was run out after scoring just one run and Gulbadin Naib managed to add four runs to the total in their Champions Trophy 2025 game against Australia.
All-rounder Azmatullah Omarzai was then involved in crucial late-inning partnerships with Rashid Khan (19) and Noor Ahmad (6) to take Afghanistan to 273.
Azmatullah Omarzai departed after a well-made 67 off 63 balls while Noor Ahmed was dismissed on the last ball of the inning as Afghanistan were bowled out for 273 in 50 overs.
For Australia, Ben Dwarshuis took three wickets while Spencer Johnson and Adam Zampa picked up two wickets each. Nathan Ellis and Glenn Maxwell bagged one wicket each.
Champions Trophy 2025 after they chased down the highest-ever score at an ICC event against England.
Their second fixture against South Africa was abandoned due to rain and shared points with South Africa.
Afghanistan lost their opening game to South Africa, however, they made a remarkable comeback in the tournament by defeating England to knock them out of contention for a semi-final spot. ARY News
South Africa and England cricket teams will be squaring off in match number 11 of the 2025 ICC Champions Trophy. The match also marks the final Group B fixture of the competition. The much-awaited contest will be hosted by the National Stadium in Karachi on Saturday, March 1 and the action will commence from 2:30 PM IST onwards.
South Africa won its opening match of the 2025 ICC Champions Trophy against Afghanistan by 107 runs. Their subsequent fixture against Australia was washed out due to rains in Rawalpindi. At the moment, the Proteas are firmly placed among the top two sides on the Group B standing with three points and a formidable NRR of 2.140.
The English cricket team is yet to win a single game in the 2025 ICC Champions Trophy. After succumbing to huge defeats against Australia and Afghanistan, the Englishmen are placed at the bottom of the Group B points table with a dismal NRR of -0.305.
National Stadium, Karachi Pitch Report: How Will The Surface Behave
The surface at the National Stadium in Karachi seems to be pristine for batting, at least off late. The average first innings total at the venue in the last four ODIs, all played in February, has turned out to be close to 308. Moreover, teams batting first managed to rack up totals in excess of 300 on three of those occasions. That said, fast bowlers can make early inroads by making full use of the new ball. Spinners might also get some turn off the pitch in Karachi.
SA vs ENG: Predicted Game Changers Rassie van der Dussen
South African top-order batter Rassie van der Dussen cracked a match-winning 52 from just 46 balls against Afghanistan a week ago in the 2025 ICC Champions Trophy. The 36-year-old holds a prolific batting average of 48.38 in ODIs, and he holds the ability of adapting his gameplay according to the situation of the match.
Liam Livingstone
English all-rounder Liam Livingstone holds a breathtaking strike rate of 108.97 in ODIs. Currently running out of form for a while, the 31-year-old might well be due for a big score as England faces South Africa in a dead-rubber. Livingstone can also deliver timely breakthroughs with the ball, especially during the middle overs. He has already picked up three wickets off late to emerge as England’s second highest wicket-taker of the ongoing 2025 ICC Champions Trophy.
SA vs ENG: Match Prediction Predicted Scores
1st innings: 315-320
2nd innings: 285-290
Predicted Winner: The team batting first will have a better chance of winning the match, as per the recent track record of the venue. Form wise, South Africa will be considered as favorites over winless England team to win the match. Cricket.one
Italian Prime Minister Giorgia Meloni met Joel Kaplan, the chief global affairs officer of U.S. tech giant Meta, to discuss possible new investments in Italy, Meloni’s office said.
Meloni and Kaplan talked about artificial intelligence and other aspects of the technological transition, the statement from Meloni’s office said. Reuters
Mark Zuckerberg-led Meta has laid off nearly 20 employees over the alleged leaking of confidential company information, including unannounced product plans and details of internal meetings on Thursday. The company found out regarding the information leak during an internal probe and consequently fired the workers involved, according to an American technology news website, the Verge.
“We recently conducted an investigation that resulted in roughly 20 employees being terminated for sharing confidential information outside the company, and we expect there will be more,” Meta spokesperson Dave Arnold told the Verge. When employees join the tech giant, the company routinely reminds them of the data protection policies, and despite the nature of intent, leaking internal information is against those policies, Arnold added.
Meta’s Data Leak Shake-Up
The company became suspicious of the data leaks when certain stories around unannounced product proposals and internal meetings, including one recently led by Meta CEO Mark Zuckerberg, started surfacing. Following which the company had warned the employees of possible termination via an internal notice in January this year.
“When information is stolen or leaked, there are repercussions beyond the immediate security impact…Will take appropriate action, including termination,” said Meta’s chief information security officer, Guy Rosen, according to the Verge.
However, while publicly announcing the news, the company reportedly didn’t mention anything regarding the subject matter of the information leaked.
The development comes as a blow to Meta’s employees, who have already been experiencing a dip in motivation, due to sudden changes in the company’s content moderation policies, and the recent layoffs of “low performers”. Ahead of US President Donald Trump’s official return to the White House, the company also rolled back its diversity, equity and inclusion programs (DEI), citing “shifting legal and policy landscape” as a reason in a notice to its employees. Mark’s Meta isn’t the only American firm that shifted its stance on inclusion policies to fall in line with Trump’s vision. Amazon, Walmart and McDonalds also took similar routes to scale back their diversity programs. Outlook Business
Thermal Imaging Market is Segmented by Type (Uncooled Type, Cooled Type), by Application (Military, Civil).
The global market for Thermal Imaging was valued at USD 7376 Million in the year 2024 and is projected to reach a revised size of USD 11360 Million by 2031, growing at a CAGR of 6.5% during the forecast.
Major factors driving the growth of thermal imaging market:
The overall Thermal Imaging Market is marked by robust growth and evolving technological innovations driven by increased demand across multiple sectors.
The market benefits from the integration of both uncooled and cooled thermal imaging systems, each offering unique advantages tailored to specific applications.
From enhancing security and defense capabilities to advancing industrial process monitoring and environmental research, thermal imaging technologies provide critical insights that improve safety, efficiency, and operational performance. Investments in research and development, strategic partnerships, and global market expansion are fueling continuous improvements in product performance and reliability.
Trends influencing the growth of the thermal imaging market:
Uncooled thermal imaging systems are propelling the growth of the Thermal Imaging Market by offering a cost-effective, compact, and reliable alternative to cooled systems. These systems operate without cryogenic cooling, which reduces maintenance requirements and operational complexity while still delivering satisfactory thermal resolution for many applications. Their robust design makes them ideal for continuous use in challenging environments such as industrial monitoring, security, and automotive applications. The simplicity and lower energy consumption of uncooled thermal cameras also enable broader adoption across commercial and consumer markets. As demand increases for efficient and user-friendly thermal imaging solutions, uncooled technology is steadily gaining market share, driving innovation and expanding applications within diverse industries.
Cooled thermal imaging systems are a critical driver of the Thermal Imaging Market due to their superior sensitivity and high-resolution capabilities, making them indispensable for advanced applications. These systems utilize cryogenic cooling to achieve enhanced detector performance, enabling the detection of subtle temperature differences and minute thermal variations. Industries such as defense, aerospace, and scientific research rely on the precision offered by cooled systems for surveillance, target acquisition, and experimental studies. Although the cooling mechanism increases system complexity and cost, the exceptional imaging quality justifies the investment in high-end applications where detail and accuracy are paramount. Consequently, the demand for cooled thermal imaging is growing, driven by the need for unparalleled performance in specialized fields.
Civil applications are significantly contributing to the expansion of the Thermal Imaging Market by utilizing thermal imaging technologies for public safety, infrastructure monitoring, and environmental management. In urban planning and construction, thermal imaging aids in detecting energy inefficiencies, moisture issues, and structural anomalies. Emergency services and law enforcement agencies leverage these systems for search and rescue missions and crowd management, where real-time thermal data is crucial. Additionally, thermal cameras are employed in monitoring environmental changes and managing natural resources, enhancing the efficiency of public services. The versatility, ease of deployment, and non-invasive nature of thermal imaging make it an attractive solution for civil applications, fueling steady market growth and encouraging further integration into community and municipal projects.
The thermal imaging market is experiencing significant growth as security and surveillance demands increase worldwide. Thermal imaging cameras are increasingly deployed in both public and private sectors to monitor perimeters, detect intrusions, and enhance situational awareness during low-light or obscured conditions. The technology offers a reliable solution for identifying potential threats without compromising on image clarity, even in complete darkness or adverse weather. Its ability to provide real-time imaging supports law enforcement agencies and security personnel in making informed decisions quickly. As security concerns intensify, particularly in urban areas and critical infrastructures, investments in thermal imaging systems are rising. This increased adoption not only boosts market demand but also spurs continuous product improvements and wider application adoption.
The growth of the thermal imaging market is strongly supported by its critical role in defense and law enforcement applications. Military and security agencies utilize advanced thermal imaging devices to enhance night vision capabilities, detect concealed targets, and improve overall operational safety. These systems are integral to surveillance, reconnaissance, and border security operations, where accurate thermal signatures provide tactical advantages. Their performance in diverse environmental conditions and the ability to detect minimal heat differences make them essential for mission-critical operations. Enhanced defense spending and modernization of military equipment globally have further accelerated the integration of thermal imaging technology. As a result, continuous innovation and adoption in this sector drive significant market expansion, ensuring that thermal imaging remains a strategic asset in national security frameworks.
Thermal imaging is playing an increasingly important role in healthcare and medical diagnostics, driving market growth through its non-invasive and real-time imaging capabilities. Medical professionals use thermal cameras to detect abnormal body temperature variations that may indicate inflammation, vascular disorders, or localized infections. In particular, thermal imaging serves as an auxiliary tool in early diagnosis, aiding in the detection of conditions such as diabetic complications or musculoskeletal issues without exposing patients to radiation. Hospitals and clinics appreciate the quick and contactless nature of this technology, which enhances patient comfort and safety. With rising global health awareness and an emphasis on preventative care, the adoption of thermal imaging in medical diagnostics is steadily increasing, fostering advancements in both device functionality and healthcare outcomes.
The automotive and transportation sectors are increasingly leveraging thermal imaging technologies to enhance safety and operational efficiency. Thermal cameras are integrated into advanced driver-assistance systems (ADAS) to detect pedestrians, animals, and other obstacles during night driving or low-visibility conditions. This capability not only improves reaction times but also contributes to the reduction of road accidents by providing drivers with an additional layer of situational awareness. Furthermore, public transportation systems and infrastructure management are adopting thermal imaging to monitor vehicle performance and prevent overheating or component failures. As automotive manufacturers invest in smart safety systems, the demand for reliable thermal imaging solutions is growing. This trend is driven by consumer safety concerns and regulatory mandates aimed at reducing traffic fatalities, thereby bolstering market expansion.
Industrial process monitoring has emerged as a key factor driving the thermal imaging market due to the technology’s ability to detect temperature variations that indicate equipment malfunctions or inefficiencies. In manufacturing plants, thermal cameras are employed to monitor machinery, electrical installations, and production lines, enabling early detection of overheating components and preventing potential failures. This non-invasive diagnostic tool helps in maintaining operational efficiency and reducing downtime, thereby lowering maintenance costs. Industries such as energy, chemical processing, and metallurgy find thermal imaging particularly valuable for ensuring safety and optimizing performance. The integration of thermal imaging in industrial settings not only supports preventive maintenance but also contributes to improved process control. As industries seek smarter monitoring solutions, the adoption of thermal imaging technology is expected to increase steadily, driving further market growth. Valuates Reports
Health Minister Pankaj Singh on Thursday promised significant reforms in Delhi’s healthcare sector and assured “visible changes” within 100 days.
Key issues affecting the health department — from financial constraints to staff concerns — will be addressed on a priority, he said.
“I have asked the health secretary and the chief secretary to prepare a comprehensive report highlighting all the shortcomings, including financial issues and the challenges faced by doctors, nurses and hospital staff, including ward boys. These gaps will be filled,” Singh said.
Addressing concerns over the safety of healthcare workers, Singh assured that security measures would be strengthened wherever needed.
“As a doctor myself, I understand that patients’ families become aggressive sometimes but we will ensure the safety of doctors,” he said. PTI
Shubman Gill may make his ODI captaincy debut in the last group-stage match of the ICC Champions Trophy 2025 against New Zealand in Dubai on Sunday as the Indian team management is mulling resting regular captain Rohit Sharma from the inconsequential match, reported The Indian Express. Rohit hurt his hamstring while chasing a ball in the early part of Pakistan’s innings in India’s second Group A match last Sunday (February 23). He seemed to struggle with it before leaving the field at the end of the 26th over.
Gill, the designated vice-captain, stepped up to lead India for some time. Rohit returned to the field after a few overs to take up leadership duties, but he did not seem to be a 100% fit. Concerns about Rohit’s fitness became real when he did not bat in India’s first training session in Dubai on Wednesday, two days after their victory against Pakistan.
According to multiple reports, Rohit was the only Indian batter not batting in the nets during India’s rigorous training session on Wednesday. The Indian captain did not even take throwdowns. Rohit, instead, spent a lot of time discussing strategy with head coach Gautam Gambhir. The only shining light was the little sprint that Rohit took. It indicated that the injury is perhaps not as serious as putting a dent in India’s Champions Trophy, but it may just be enough to prompt them to rest Rohit from the New Zealand match.
The match against New Zealand holds little value in the tournament context, as both teams have already confirmed their semi-final spots. The only incentive is to finish as Group A winners. Another major reason why India is considering the possibility of resting captain Rohit Sharma from Sunday’s match is the one-day gap between it and India’s semi-final on Tuesday (March 4).
Irrespective of India’s standing, they are slated to play the first semi-final in Dubai on March 4, as the other one is in Pakistan, and India won’t travel there. The 2013 Champions Trophy winners still don’t know who their opponents will be in that knockout game, as three teams – Australia, Afghanistan and South Africa – in Group B have an equal chance of making it. A lot will depend on the Australia vs Afghanistan match on Friday.
Who will replace Rohit Sharma?
If Rohit Sharma is indeed unavailable or the Indian team management decides to rest him as a precautionary measure, keeping the semi-final in mind, then the right-hander is likely to be replaced either by Rishabh Pant or Washington Sundar. The left-handers reportedly spent long hours in the nets, which they hadn’t done it before any of the matches in Dubai in this tournament. It must be remembered that India do not have a backup opener in their squad. In a last-minute change to their squad, they dropped Yashasvi Jaiswal to bring in spinner Varun Chakaravarthy. They do have KL Rahul in the ranks, who has spent most of his life at the top of the order but sending him on Sunday as Gill’s partner would mean disrupting the entire batting order as he has settled in nicely in the middle order for the past two-three years.
Besides, Pant also has experience of opening the batting in shorter formats and just like Rohit, he can be the aggressor in the powerplay.
Shubman Gill’s captaincy record
Gill, whose captaincy came into prominence after he was given leadership duties by IPL franchise Gujarat Titans ahead of last year’s edition, captained a young Indian side for five T20Is in Zimbabwe. India won the series 4-1. Most first-choice players were given a breather from that tour as it came immediately after India’s T20 World Cup win in the Caribbean. However, Gill’s rise as the next ODI captain became certain when he was elevated as India’s vice-captain for the England home series and then the Champions Trophy. Rohit Sharma even went on to add that Gill’s superlative form in 50-overs cricket, which saw him attain the No.1 ranking, was one of the biggest reasons behind his elevation in the leadership group.
Gill, who has been in fantastic form in this tournament with a century against Bangladesh and a 46 against Pakistan, attended a private nets session on Thursday to hone his skills. Hindustan Times
India should take a page from the playbook of countries such as China and Australia if it wants a larger share of the global clinical trials market, healthcare experts said at an industry conference.
As of 2022, India held an 8% share in global clinical trials – which evaluate the safety and effectiveness of new treatments – compared to China’s 29%, the US’s 25%, and 38% for the rest of the world, data from consultancy PwC showed.
“There’s a lot to learn from what other countries have done to make them clinical trial destinations,” BCG India partner Smruthi Suryaprakash said, pointing out that China saw an increase in innovation after easing regulations, while Australia has benefited from offering significant tax incentives.
India’s clinical trials research market is rapidly expanding, supported by a diverse patient base, cost-effective solutions, and a growing hospital network, according to US-based GrandView Research, which forecasts revenues exceeding $2 billion by 2030.
“India will be able to capture the clinical trial (market) if we can really work on the speed. I think speed is what is really important to sponsors, either with regulator or being able to recruit patients faster,” Suryaprakash added.
Suryaprakash, along with other experts, was speaking as part of a panel at the BioAsia conference in the southern Indian state of Telangana.
Rajeev Raghuvanshi, who heads India’s drug regulator, said it was working to make the regulatory process more streamlined for global trials in India, based on feedback from stakeholders.
“We have aligned things every year on average for the last three years,” the drugs controller general of India said.
The agency which revamped its trial rules in 2019, had approved about 160 trials in the last three years, he added.
Recruiting the right patients
Allowing sponsors to raise awareness among patients, such as through advertisements of ongoing studies, would also help India advance as a recruitment site, the experts said.
Advertising studies for experimental treatments could be helpful, especially for patients with rare diseases without many treatment options. It is a common practice in countries such as the US and the U.K.
“You’re not able to recruit into the trial because they (patients) do not know that it exists,” said Padmaja Lokireddy, an oncologist at Apollo Hospitals.
That needs to change, experts said.
Some other experts highlighted challenges related to preparing a clinical trial site, ensuring it meets global safety standards and recruiting the right patients. Reuters
Lenovo Group reported its FY Q3 2025 earnings last week. Lenovo’s FY Q3 2025 quarter ended on December 31, 2024. As such, in this report, we will refer to the calendar quarter, Q4 2024.
Lenovo reported $18.8 billion in its Q4 2024 revenues, a 5% QoQ and 20% YoY increase which beat Wall Street’s estimate of $17.9 billion. Q4 2024 marks the fifth YoY increase after five straight quarters of YoY declines. Lenovo generated a net income of $695 million during the quarter, a 94% QoQ and 106% YoY increase. The company noted that in Q4 2024, more than 46% of the revenue mix was unrelated to PCs, similar to Q3 2024. This was due to 59% YoY revenue growth from the Infrastructure Solutions Group (ISG) and double-digit YoY revenue growth from smartphones. As we show in our Monthly Flagship Smartphone Display Tracker, during the October-December period, the Motorola Razr 50 and Razr 50 Ultra were consistently among the top five foldable OLED smartphone models. Also, our Advanced IT Display Shipment and Technology Report shows Lenovo had a high-double-digit share in 2024 for OLED and MiniLED notebook PCs.
During the earnings call, Lenovo Chairman and CEO Yuanqing Yang stated, “Lenovo’s revenue and profit both achieved significant growth last quarter, with strong performance across all core businesses. Notably, the ISG business returned to profitability and the smartphone business experienced rapid growth. AI technology, with higher efficiency and lower costs, is accelerating the maturation of personal AI, particularly on-device AI and edge AI. It has also accelerated enterprise adoption of AI. This aligns perfectly with the direction of hybrid AI we’ve been driving and leading. Looking ahead, our continued investment in innovation, combined with our exceptional and resilient global operations, positions us well for sustained and profitable growth in the future.”
In Q4 2024, in terms of revenue growth by region, the Asia-Pacific region excluding China saw its revenue grow 31% YoY, the highest growth rate among all regions. This was made possible by the double-digit YoY increases in each of the three business segments. IDG witnessed strong demand for high-end products, thanks to the Windows 11 refresh in Japan and an upswing in gaming interest throughout the region. Concurrently, ISG’s market share expanded, while SSG secured a major case win with a leading APAC airline, leveraging its GenAI-powered Care of One platform. China saw a 21% YoY revenue increase, primarily driven by a recovery in ISG sales. ISG’s performance was largely fueled by market share gains from its improved infrastructure portfolio and effective supply chain management. The region’s PC sales exhibited solid demand for premium models, demonstrating the Group’s resilience in driving growth through higher average selling prices (ASPs). In the Americas, the Group’s revenue climbed by 20% YoY, reflecting a strong recovery in both consumer and enterprise PC sales. The ISG division also delivered robust growth, underscoring the company’s ability to leverage its core strengths to meet demand, including those for AI solutions. The Europe-Middle East-Africa (EMEA) market experienced an 11% YoY sales increase. The IDG and SSG businesses maintained their strong momentum, while ISG thrived on heightened demand from new billion-dollar cloud customers, who require the building of local data centers to meet booming demand and comply with regional data security regulations.
In terms of revenue growth by business segment, IDG, which includes the PC, tablet, smartphone and other smart devices businesses, grew 12% YoY. The segment’s profitability reached 7.3% during the quarter, remaining at the upper end of its historical range. Gaming PC sales performed exceptionally well during the holiday season, reflecting a consumer shift toward high-performance PCs to enhance the gaming experience. Commercial sales benefitted from the Windows 11 refresh, with premium workstation sales spearheading demand recovery in the commercial segment. At the 2025 CES, Lenovo showcased over 60 innovations that redefine AI device categories across commercial, gaming and consumer segments, furthering its vision of building an advanced hybrid AI ecosystem. With CPU and PC vendor roadmaps incorporating on-device AI across various price bands and featuring enhanced computing power, AI PCs are becoming more accessible and are projected to dominate global shipments by late 2025. The Group’s Motorola-branded revenue experienced double-digit growth YoY and continued to gain global market share for the sixth consecutive quarter. Geographical expansion has been a crucial catalyst for this growth, with sales outside of the Americas now accounting for 44% of its revenue, a significant increase from just 18% two years ago.
Lenovo also mentioned that they are progressing towards establishing a $10 billion businesses with sustainable profitability by optimizing scale in the profitable CSP segment and enhancing cost efficiency for ESMB and ISG toward building a sustainable and profitable growth trajectory. Lenovo is leveraging the skill that they have built with CSP to improve the cost effectiveness of their ESMB business, and ultimately secure the sustainable profitability of their ISG business.
During the Q&A, there were several questions that were very germane given the ongoing plans to impose or increase import tariffs, and the fuel that is expected to drive growth for the PC category in 2025 and beyond. On the issue of the Trump administration proposing to impose tariffs ranging between 10% and 25% on Canada, Mexico and China, Lenovo said it was still assessing the impact, but overall, it did not think it would have any significant impact on its business and future performance. Lenovo noted that these issues were not new to the Group, as so many other countries had similar tariff policies, like Brazil and India. Lenovo noted that it had already built a very strong and unique business model – ODM+. Under this model, Lenovo does both in-house manufacturing and outsourced manufacturing. Besides, it has a global manufacturing footprint, with more than 30 facilities in around 10 countries including Argentina, Brazil, India, Japan, Hungary, Germany, Mexico and the US. As a result, Lenovo believes that compared to the competition, it is more flexible and resilient to adapt to different scenarios.
Another question was asked regarding the IDG business outlook. Does Lenovo see an upside in the new gaming PC cycle? Has the replacement cycle of Windows 10 already started? Lenovo responded that going into the new financial year, it had strong confidence in its PC business trajectory. The Group has modeled the market to grow from mid-single digit to high-single digit. And within this context, it is planning to continue to grow in the premium market, hence gaining a share on top of the market growth. Lenovo expects to see tailwinds from the large installed base due for replacement, and Windows 10 end of service. As a result, and along with the rise of AI PCs, Lenovo expects the market growth to accelerate in the second half of calendar 2025.
Over the past few weeks, DeepSeek has made headlines and Lenovo was asked about its cooperation and collaboration with DeepSeek for its device and infrastructure business. Lenovo responded that based on its assessment, DeepSeek had a very positive impact on them, further proving that Lenovo’s hybrid AI had always been the right strategy and the Group had been on the right path by deploying distilled small models for local devices at the edge. DeepSeek improved AI efficiency, driving the democratization of AI and uplifting the potential of locally deployed AI models to support the wide adoption of edge AI and on-device AI. As a result, it may also indirectly boost the growing demand for GPU servers. All of these are aligned with Lenovo’s hybrid AI strategy and will benefit all of its businesses. Lenovo is launching an AI workstation deploying a local DeepSeek-R1 distilled model with up to 7 billion parameters. This is a model size that just a few years ago could only be run on public cloud platforms like Chat-GPT 3.0. But today, Lenovo can do it entirely locally. This can enhance every individual’s productivity while protecting their data and privacy. On the enterprise AI side, DeepSeek has proven that AI deployment is not necessarily expensive and made the ROI case more convincing. So, this would help change enterprise customers’ perspectives and accelerate adoption. As such, Lenovo expects the broader use of AI solutions to create more opportunities for its hybrid AI advantage and drive growth in its ISG and SSG businesses.
Q4 2024 by business segments
The Intelligent Devices Group (IDG) accounted for $13.8 billion in revenues, a 2% QoQ and 12% YoY increase due to smartphone revenues achieving double-digit YoY growth, setting a fiscal third-quarter record for the last nine years. Its market ranking reached a five-year high outside of China, driven by strong growth in the Asia-Pacific and EMEA regions. The IDG business segment includes PCs, tablets, smartphones and other smart devices for consumer and commercial customers. Operating margin was 7.3%, similar to Q3 2024.
The Infrastructure Solutions Group (ISG) accounted for $3.9 billion in revenues, a 19% QoQ and 59% YoY increase. The ISG business includes a fully integrated ODM+ (Original Design Manufacturer) business model and solutions, including motherboard design and system and full-rack assembly across server, storage and other products.
The Solutions and Services Group (SSG) accounted for $2.3 billion in revenues, a 4% QoQ and 12% YoY increase. The SSG business segment was created in Q2 2021. It is focused on developing software and projects for four scalable verticals – Smart City, Smart Education, Smart Retail and Smart Manufacturing.
For FY Q4 2025 (CY Q1 2025) guidance, Lenovo notes that at the heart of the innovations showcased at CES 2025, are its investments in on-device and agentic AI, which leverages the power of AI to deliver personalized, productive and protected solutions to empower users to redefine business experiences across multiple categories. These new innovations will enable the Group to deliver both enterprise and personal AI solutions, creating a comprehensive full-stack portfolio to transform industries and empower individuals. These critical AI innovations are supported by a strong focus on research and development (R&D), the expenditure on which increased 14% YoY and 7% from two years ago. Despite geopolitical tensions affecting the technology sector, the Group’s business has demonstrated remarkable resilience. Lenovo’s success in navigating market challenges can also be attributed to its strategic expansion into the Middle East, further enhancing its extensive global manufacturing footprint. Counterpoint Research
