Lenovo warns of tough challenge for PC market
By Ding Yining |
August 19, 2011, Friday
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Print Edition
Print Edition
LENOVO Group, China's biggest personal computer maker, warned that a weak global economy and the European debt crisis will challenge PC demand worldwide.
"Although the worldwide PC market has shown marginal improvement and returned to growth during the first quarter, challenges to worldwide PC demand remain because of the pace of global economic recovery and the ongoing debt crisis in western Europe," Lenovo said in a statement yesterday.
The PC maker also reported its profit almost doubled to US$108.8 million in the three months ended June 30 as sales in emerging markets boomed. Sales climbed 15 percent from a year ago to US$5.92 billion.
Revenue from China rose 13 percent to US$2.84 billion, representing 48 percent of the total revenue while sales from emerging markets, including India, Brazil and Russia, jumped 26 percent to US$1.04 billion, the PC maker said in the statement.
But analysts questioned if Lenovo can keep its growth overseas on concerns about a global economic slowdown.
"They have done well so far, but it's whether they can sustain this for the rest of the year," said Lai Voon San, who rates Lenovo shares "sell" at MF Global Equities in Hong Kong, adding "there is some room for caution."
"Although the worldwide PC market has shown marginal improvement and returned to growth during the first quarter, challenges to worldwide PC demand remain because of the pace of global economic recovery and the ongoing debt crisis in western Europe," Lenovo said in a statement yesterday.
The PC maker also reported its profit almost doubled to US$108.8 million in the three months ended June 30 as sales in emerging markets boomed. Sales climbed 15 percent from a year ago to US$5.92 billion.
Revenue from China rose 13 percent to US$2.84 billion, representing 48 percent of the total revenue while sales from emerging markets, including India, Brazil and Russia, jumped 26 percent to US$1.04 billion, the PC maker said in the statement.
But analysts questioned if Lenovo can keep its growth overseas on concerns about a global economic slowdown.
"They have done well so far, but it's whether they can sustain this for the rest of the year," said Lai Voon San, who rates Lenovo shares "sell" at MF Global Equities in Hong Kong, adding "there is some room for caution."
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