Lenovo profit soars 29%

By Zhu Shenshen | May 21, 2014, Wednesday |

Online Edition

Lenovo Group Ltd posted a 29 percent net profit rise in the fiscal year ended on March 31 due to strength in both its personal computer and mobile phone businesses, the Beijing-based company said today.

Lenovo, which surpassed Hewlett-Packard Inc as the world's No. 1 PC maker, generated net profit of US$817 million in the year, up 28.7 percent year on year. Revenue was US$38.7 billion, rising 14.3 percent from a year ago.

By the end of the first quarter, Lenovo's PC market share expanded 2.1 percent from a year ago to 17.7 percent. PC sales jumped 5 percent annually to hit 55 million units even though industrywide sales dropped 8 percent due to competition from tablet computers and smartphones.

Lenovo sold 50 million smartphones and 9.2 million tablet computers in the fiscal year, with both expected to become future profit engines.

By the end of 2013, Lenovo ranked No. 2 in the Chinese smartphone market with a 12.4 percent market share, behind Samsung's 17.3 percent, according to research firm Analysys International.

The Beijing-based research firm also said it expected China's smartphone market will continue growing rapidly in 2014 and 2015. Smartphone sales in China will hit 420 million units in 2014 and 500 million in 2015, compared with 343 million last year, according to an Analysys forecast.

Lenovo's international business also grew rapidly especially in Europe, the Middle East, and Africa. It has surpassed Apple Inc as the No. 3 player in the US personal computer market.

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Lenovo profit soars 29%

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