Lenovo's profit up 60% in Q1
By Zhu Shenshen |
May 24, 2012, Thursday
|
Print Edition
Print Edition
LENOVO Group Ltd's net profit surged nearly 60 percent in the first quarter as it tapped the robust Chinese market and lifted its market share through acquisitions overseas.
Lenovo, the world's No. 2 personal computer maker, earned US$67 million in the first quarter, up an annual 59 percent. It posted an annual 54-percent jump in revenue to US$7.5 billion. Its China revenue grew 32 percent to US$2.9 billion.
"Our fiscal year ended impressively with a strong momentum," said Lenovo's chairman and CEO Yang Yuanqing in a statement yesterday.
China has surpassed the US to become the world's No. 1 PC market this year, according to Intel, the world's leading computer chip maker.
By the end of first quarter, Lenovo's share rose from 9.6 percent to a record high of 13.4 percent in the global PC market, only second to Hewlett-Packard's 18 percent, US-based research firm IDC said.
Lenovo declined to confirm industry officials' remark to Shanghai Daily that it aims to become the world's No. 1 PC maker by the end of this year. The Beijing-based firm aims to meet the target by mergers and acquisitions such as a joint venture with NEC Corp in Japan and the purchase of Germany's Medion AG.
Lenovo also launched a PC Plus strategy by diversifying from traditional PCs to the relatively high profit margin offered by the smart TV and mobile Internet business.
Lenovo, the world's No. 2 personal computer maker, earned US$67 million in the first quarter, up an annual 59 percent. It posted an annual 54-percent jump in revenue to US$7.5 billion. Its China revenue grew 32 percent to US$2.9 billion.
"Our fiscal year ended impressively with a strong momentum," said Lenovo's chairman and CEO Yang Yuanqing in a statement yesterday.
China has surpassed the US to become the world's No. 1 PC market this year, according to Intel, the world's leading computer chip maker.
By the end of first quarter, Lenovo's share rose from 9.6 percent to a record high of 13.4 percent in the global PC market, only second to Hewlett-Packard's 18 percent, US-based research firm IDC said.
Lenovo declined to confirm industry officials' remark to Shanghai Daily that it aims to become the world's No. 1 PC maker by the end of this year. The Beijing-based firm aims to meet the target by mergers and acquisitions such as a joint venture with NEC Corp in Japan and the purchase of Germany's Medion AG.
Lenovo also launched a PC Plus strategy by diversifying from traditional PCs to the relatively high profit margin offered by the smart TV and mobile Internet business.
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