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Lenovo’s profit up 29% in fiscal Q3
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Lenovo Group Ltd, which has acquired smartphone and server business for over US$5 billion last month, saw its profit jump 29 percent in the fiscal third quarter ended in December because it sold more smartphones and tablets.
Net profit jumped to US$265.3 million in the quarter, beating analysts’ average hopes of US$243.7 million. Revenue grew 15 percent to US$10.8 billion.
Lenovo, the world’s No.1 personal computer maker, expanded into non-PC areas following a general slump in the global PC industry.
“Through PC Plus strategy, we continue to improve profitability and maintain momentum in existing businesses,” Yang Yuanqing, chairman and chief executive of Lenovo, said yesterday.
Lenovo’s smartphone sales jumped 47 percent to a record 13.9 million units in the quarter. It aimed to sell 100 million smartphones in 2015 after acquiring Motorola Mobility for US$2.9 billion from Google Inc as it bids to enter the US smartphone market, Yang said.
Lenovo hopes to be the world’s No. 3 smartphone maker behind Samsung and Apple by 2015.
Lenovo has acquired International Business Machines Corp’s low-end server unit for US$2.3 billion to add corporate customers. Lenovo has also purchased Germany’s Medion AG, NEC Corp’s PC division in Japan and Brazilian PC maker CCE.
“It’s a perfect fit with our PC Plus strategy for long-term and sustainable growth,” Yang said, adding that Lenovo aims to offer users integrated hardware, software and services.
In the quarter, Lenovo sold 15.3 million computers, keeping its No. 1 spot with 18.1 percent share of the global PC market at the end of 2013, said US-based research firm Gartner Inc.
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