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November 4, 2016

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Lenovo returns to black in 3rd quarter

LENOVO Group Ltd yesterday announced a return to black in the third quarter on the back of asset sales and its decision to appoint new managers from Microsoft, Intel and Alcatel-Lucent in its latest management reshuffle.

Lenovo, the world’s largest personal computer vendor, posted a net profit of US$157 million for the three months ended on September 30, compared with a loss of US$714 million in the same period a year earlier when Lenovo booked one-off costs to restructure and integrate the mobile business of Motorola.

The net profit mainly came from a property disposal gain of US$206 million in the third quarter. It beat predictions of a US$131 million profit forecast in a Reuters survey.

Revenue fell 8 percent to US$11.2 billion, because of “challenging market conditions” for PCs, Chairman and Chief Executive Yang Yuanqing said in a statement.

New smart devices, the cloud computing and enterprise business are expected to become new income engines of Lenovo, Yang said.

Lenovo has appointed Rui Yong, who used to work in Microsoft, as senior vice president and chief technology officer. Kirk Skaugen, a veteran executive in Intel, has been appointed as Lenovo’s executive vice president and head of data center business.


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