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China's Lenovo posts 29% profit growth, remains top PC maker
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LENOVO Group Ltd, which used a combined US$5 billion to acquire smartphone and server business last month, posted today a profit growth of 29 percent in the fiscal third quarter ended in December, despite of the slump of the whole personal computer industry.
Lenovo, the world's No. 1 personal computer maker, attributed net profit growth to surging smartphone and tablet business after expanding into non-PC sectors.
Net profit jumped to US$265.3 million in the three months ended December, beating analysts’ expectations of about US$243.7 million. Revenue grew 15 percent to US$10.8 billion.
"Leveraging strong execution of our strategy, innovative products and growth in our PC Plus business, we continue improving profitability and maintaining momentum in existing businesses," said Yang Yuanqing, chairman and chief executive of Lenovo.
In the quarter, Lenovo sold 15.3 million computers, which allowed it to maintain the No. 1 spot with 18.1 percent of the global PC market by the end of last year, followed by Hewlett-Packard Co's 16.4 percent, according to Gartner Inc, a US-based research firm.
Global PC sales dropped 11.2 percent year-on-year in the yearly fourth quarter in the "worst decline in the PC market history," Gartner said.
Like tech giant Apple Inc, Lenovo aims to offer users integrated services of hardware, software and services, which pushed it to acquire mobile and storage assets for its PC Plus strategy, Yang added.
In January, it announced it would use US$2.9 billion to acquire Google Inc's Motorola Mobility unit to gain in the US smartphone market. It also announced early last month it would acquire International Business Machines Corp's low-end server unit for US$2.3 billion to add corporate customers.
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