PCs, smartphones lift Lenovo鈥檚 net 29%
Print Edition
LENOVO Group’s net profit jumped 29 percent in the fiscal year ended on March 31 as its share of the personal-computer market expanded and mobile phone business grew rapidly, the Beijing-based company said yesterday.
Lenovo, which has recently surpassed Hewlett-Packard Inc to become the world’s No. 1 PC maker, earned a net profit of US$817 million in the year, up 28.7 percent. Its revenue totaled US$38.7 billion, up 14.3 percent from a year earlier.
At the end of the first quarter, Lenovo’s share of the PC market rose 2.1 percentage points from a year ago to 17.7 percent, ahead of HP and Dell Inc. Its PC sales grew 5 percent annually to 55 million units, despite a drop of 8 percent for the whole industry which is facing competition from tablet computers and smartphones.
Lenovo, now the world’s No. 4 phone maker, sold 50 million smartphones and 9.2 million tablet computers in the fiscal year, and these devices may be its profit engine in future.
Research firm Analysys International expects the sales of smartphones in China to hit 420 million units in 2014 and 500 million next year, up from 343 million units last year.
At the end of 2013, Lenovo was No. 2 in the Chinese smartphone market with a 12.4 percent share, behind Samsung’s 17.3 percent, according to the research firm.
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