Lenovo net profit rises robust 36% in fiscal Q2
Print Edition
Lenovo Group Ltd beat expectations with net profit rising 36 percent in its fiscal second quarter, thanks to booming sales of laptops, smartphones and tablet computers, the world’s No. 1 personal computer maker said yesterday.
Lenovo, the world’s No. 3 smartphone maker, said it expects to sell 50 million smartphones this year, more than double last year’s 20 million. It also said it expects to sell 10 million tablet computers this year, 10 times more than a year ago, chairman and chief executive Yang Yuanqing said yesterday.
In its fiscal second quarter ended on September 30, Lenovo’s net profit reached US$220 million, up 36 percent year-on-year, beating analyst estimates of US$202 million.
Revenue was US$9.8 billion, a 13 percent increase year-over-year.
“We have achieved record revenue and record profit, and improved profitability significantly,” Yang said. “The PC market is recovering, and tablet growth continues shifting to mainstream and entry-level devices. We are confident that we will capture these opportunities and continue our strong growth.”
By the end of the fiscal second quarter, Lenovo remained the world’s largest PC vendor ahead of Hewlett-Packard and Dell, with its highest-ever quarterly market share of 17.7 percent, up 2 percentage points from a year ago, according to International Data Corp, a US-based IT research firm.
Lenovo’s PC shipments during its second fiscal quarter reached 14.1 million units, growing the fastest among the world’s top five PC makers. Booming laptop sales contributed half of the company’s revenue.
It continued to diversify its business. Revenue from Lenovo’s Mobile Internet and Digital Home business, including smartphones, smart TVs and tablets, contributed 15 percent of total revenues in the fiscal quarter, up from 8 percent one year ago and 4 percent two years ago.
In its fiscal second quarter, smartphone sales jumped 78 percent year-on-year.
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