Lenovo’s net earnings jump 23%
Print Edition
Lenovo Group Ltd, which officially became the world’s No. 1 personal computer vendor in the quarter ended in June, posted a 23 percent jump in net profit in the period, the company said yesterday.
Lenovo’s net profit was US$173.93 million in the three months through June, beating expectations for a profit of US$167.06 million from analysts polled by Thomson Reuters. The revenue for the quarter rose 9.7 percent to US$8.79 billion.
Lenovo became the world’s largest PC vendor by the end of June, unseating Hewlett-Packard Co, according to research firm International Data Corp. The PC industry saw sales fall 11.7 percent from a year earlier. Lenovo’s PC sales also fell 1.4 percent from a year earlier to 12.6 million units in the quarter.
“In a tough PC market, Lenovo became the clear No. 1 for the first time and continues to improve profitability,” Yang Yuanqing, chairman and chief executive of Beijing-based Lenovo, said in a statement. “While driving profitable growth in our core PC business, we are rapidly transforming our company into a PC Plus company.”
The PC Plus means Lenovo’s expansion into the mobile Internet and TV markets. In China, Lenovo’s smartphone sales soared 121 percent in the quarter and ranked the firm as the world’s No. 4 smartphone vendor.
At the end of June, Samsung retained the first place in the domestic smartphone market, while Coolpad tied with Lenovo for the second position, said Strategy Analytics, a US research firm.
Lenovo’s China revenue was US$3.7 billion in the quarter, up 5.6 percent year on year.
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