Lenovo profits from booming device sales
Print Edition
LENOVO Group Ltd posted a better-than-expected net profit in the first quarter due to booming sales of personal computers, smartphones and servers, the world’s biggest PC vendor said yesterday.
In the first three months, Lenovo’s net profit totaled US$100 million, down 37 percent from a year ago but still above analysts’ estimates of US$91.6 million.
The net profit was affected by currency fluctuations and an auditing cost of US$94 million for acquiring Motorola Mobility and IBM’s server chip business, Lenovo said.
Lenovo’s revenue for the period climbed 21 percent to US$11.3 billion amid booming PC and mobile phone sales.
The quarter was also Lenovo’s first full reporting period to include results from the US$2.9 billion purchase of Motorola Mobility from Google, which makes it the world’s No. 3 smartphone maker behind Samsung and Apple.
“We have become a company offering devices and services for consumers in the Internet Plus era,” Yang Yuanqing, Lenovo’s chairman, said in a statement.
Lenovo’s PC business had a revenue of US$7.2 billion in the quarter. Globally, Lenonvo’s market share was 19.5 percent as it cemented its leading position in the sector, according to International Data Corp, a US-based research firm.
In the quarter, Lenovo’s mobile business group contributed a revenue of US$2.8 billion.
For the fiscal year ended on March 31, Lenovo sold 76 million smartphones.
The enterprise business, including servers and related services, contributed US$1.1 billion in the quarter. Lenovo aims to generate US$5 billion a year in this segment after it paid US$2.3 billion to buy IBM’s low-end server chip business.
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