Lenovo unveils financial results for the last quarter
Lenovo Group announced its first quarter financial results. Lenovo achieved pre-tax profit nearly doubled to $ 650 million (up 96%) and net profit also more than doubled (up 119%) as a net profit margin reached 2.8%, the highest value. since many years. Group revenue in the first quarter continued to grow to $ 16.9 billion, a 27% year-over-year increase.Lenovo also explains that it aims for "sustainable growth and profitability improvements throughout its business, in areas such as vertical solutions, infrastructure solutions, premium PCs and devices such as tablets, smartphones, embedded computers and other smart devices. "
CEO and Chairman Yuanqing Yang said:" The acceleration of digital and intelligent transformation has generated significant market opportunities globally. Lenovo is successfully grasping them as it transforms from a device company to a service and solution provider. The proof is in our performance: this quarter alone, we have doubled our performance. profitability year on year, while the net profit margin has reached the highest value ever recorded in many years. We will continue to increase investments in the future in research and development, aiming to double them over the next three years; we will further improve our operational excellence; and remain committed to green innovation and corporate citizenship to achieve long-term sustainable profitability gains. "
Lenovo: Financial Results Lenovo Group also reports that first quarter R&D investments are increased 40% year-on-year, with a commitment to double investment in research and development over the next three years Lenovo is now in the 159th position in the Fortune Global 500, after climbing 65 places.
Staying on the subject, we recently told you about the Lenovo L15, L27, L32 and ThinkVision M15 monitors.
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Atom Computing Unveils First-Generation Quantum Computing System -- Appoints New CEO After Closing $15 Million in Series A Funding
- Company closes $15M in Series A funding; unveils 'Phoenix,' Atom Computing's first-generation quantum computing system
- Rob Hays, former Intel and Lenovo executive joins as CEO, laying out the company's vision for delivering scalable quantum computing systems
- Co-Founder Benjamin Bloom becomes Chief Technology Officer, leading research and development
- Bill Jeffery joins Atom Computing's Board of Directors, providing expertise in advanced technology development and executive management
BERKELEY, Calif., July 21, 2021 /PRNewswire/ -- Atom Computing, a fast-growing quantum computing start-up announces its transition into the next phase of growth after closing $15M in Series A funding. Atom Computing is the first company to build nuclear-spin qubits out of an alkaline earth element. Today the company unveils its first-generation quantum computing system, Phoenix, a 100-atom system showcasing astonishing stability. This innovative breakthrough demonstrates Atom Computing's ability to produce quantum systems with unprecedented stability at scale.
Atom Computing
Taking the helm, Rob Hays, computing industry veteran, is appointed CEO, President and member of Atom Computing's Board of Directors. Meanwhile, Co-founder and CTO, Ben Bloom, Ph.D., will continue leading Atom Computing's engineering team to develop and execute the roadmap for scalable quantum computing systems. Rob was most recently Vice President and Chief Strategy Officer for Lenovo's Infrastructure Solutions Group where he led the growth and profitability strategy for Lenovo's data center products and services. Rob also served at Intel for more than 20 years, where he was Vice President and General Manager responsible for leading Intel's Xeon processor roadmaps, resulting in strong market leadership.
'Quantum computing has accelerated to a point where it is no longer 10 years out. The scalability and stability of our systems gives us confidence that we will be able to lead the industry to true quantum advantage,' said Rob Hays, CEO and President, Atom Computing. 'We will be able to solve complex problems that have not been practical to address with classical computing, even with the exponential performance gains of Moore's Law and massively-scalable cluster architectures.'
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Atom Computing secured more than $15M in Series A funding which includes investment from leading venture capital firms: Venrock, Innovation Endeavors and Prelude Ventures. In addition, the National Science Foundation awarded the company three grants. These investments enabled Atom Computing to assemble a team of brilliant quantum physicists and design engineers with experience across various disciplines and applications to help develop the company's first quantum computing system.
The company's first-generation quantum computing system, Phoenix, is currently capable of trapping 100 atoms in a vacuum chamber with optical tweezers. Phoenix is able to rearrange and manipulate their quantum states with lasers. The system demonstrates exceptionally stable qubits at scale, with coherence times that are orders of magnitude greater than ever reported.
'Atom Computing has a deep focus on scalable platforms compatible with error correction,' said Ben Bloom, Co-founder and CTO, Atom Computing. 'We've been able to focus on building a one-of-a-kind system that exists nowhere else in the world. Even within the first few months of Phoenix's operation, we have measured performance levels never before reported in any scalable quantum system.'
'I'm honored to lead this amazing team who has accomplished so much in the early stages of the company with a modest investment compared to what others have made. Combining the best of modern classical computing with quantum computing will allow us to reach new heights in science and engineering,' Hays added.
Additionally, Bill Jeffrey, Ph.D., joins the Board of Directors of Atom Computing, bringing more than 30 years of executive leadership expertise in developing advanced technologies. Bill is CEO of SRI International, a leading research and development organization serving government and industry. He also has executive experience with HRL Laboratories, NIST, OSTP and DARPA. Bill's experience working with government bodies and the industry to develop new technology will be invaluable to building Atom Computing's business.
To learn more about Atom Computing visit the company website.
Atom Computing is a growing start-up company focused on one mission: Deliver scalable quantum computers that can solve some of the most daunting problems ever attempted by man or machine. Our incredible team of physicists and engineers are building quantum computers out of optically trapped neutral atoms. To find out more visit https://www.atom-computing.com/company/, follow us on LinkedIn, Twitter, Facebook.
Media Contact:Ashley KusowskiDirector, Marketing Communicationsashley@atom-computing.com(919) 701-8035 ext. 727
Rob Hays - CEO & President, Atom Computing
Atom Computing's first-generation quantum computing system, Phoenix.
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SOURCE Atom Computing