Lenovo Group announced record quarterly results, with historic highs for both profit and revenue according to a company release on Wednesday.

Its group revenue continued strong growth, hitting a record $20.1 billion — an increase of 17 percent year-on-year.

Net income grew at a rate of over 50 percent for the sixth consecutive quarter, with the third quarter growing 62 percent year-on-year to a record $640 million.

Net income margin improved by nearly one percentage point, on track toward the group's goal of doubling in three years.

Pre-tax income was a record $855 million, up 45 percent on a yearly basis.

Lenovo continues to invest significantly in innovation, with R&D expenses for the quarter up 38 percent year-on-year as part of the company's wider commitment to double R&D investment over three years.

The company remains focused on its 3S strategy — Smart devices and IoT, Smart infrastructure and Smart Verticals — seeing continued opportunities for sustainable growth and profitability improvements across all areas of the business, keeping it on track to double net margin by the end of fiscal year 2023/2024.